ChatterBank2 mins ago
repossessed house sold for more than owed on mortgage
4 Answers
Hi our house was repossessed in feb the mortgage company SPML put the house on the market for �126,995, yesterday a notice in the local paper stated that an offer has been made for �130,000.
We owed �101,000 so this means that it sold for �29,000 more than what we owed them. So does this mean that they keep the profit or will we get some money back from them.
many thanks
We owed �101,000 so this means that it sold for �29,000 more than what we owed them. So does this mean that they keep the profit or will we get some money back from them.
many thanks
Answers
Best Answer
No best answer has yet been selected by jagger66. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.SPML should be keeping you informed of all this. Get in touch with them and ask what's going on. You will have costs and charges for missed/late payments, probably still have to pay any early repayment charges and may be liable for any higher lending charge that you may have taken out at the start of the loan.
Then you will pay any fees associated with the sale of the property - eg estate agent or auction fees.
These can add up to quite an amount.
Contact SPML and find out EXACTLY what the situation is - they are obliged to keep you informed - until the property is sold you are still accruing debts.
Then you will pay any fees associated with the sale of the property - eg estate agent or auction fees.
These can add up to quite an amount.
Contact SPML and find out EXACTLY what the situation is - they are obliged to keep you informed - until the property is sold you are still accruing debts.
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