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Repossession by bank or building society.

If you property is repossessed, does the bank or building society write off your mortgage and look to you for any shortfall in what they receive when they eventually sell it?

Asked on Aug 4 2009, Home Finance in Knutsford | Report content

Answers (1)

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  • Yes a lender will pursue the total debt incurred, not only the orginal mortgage still owed plus any arrears in repayments + any interest & all costs incurred with legal repossession & then costs for the sale of the property. If the selling price does not cover the full debt to the lender the defaulting borrower will be endebted for the total debt owed.. If you are in a debt situation the best way to deal with it is to talk with your lender & try to negoiate.

    Answered on Oct 1 2009, Report content

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