house repossession

[denak1]

A friend has recently had her house repossessed. once all debts relating to the property are cleared will she get anything. Original mortgage was approx 16k + interest, value now approx 100k

[Ethel]

It depends how much her total debts are. Impossible to speculate without the facts.

Her debts could be over �100,000.

[denak1]

thanks ethel... her total debt against the property is approx 10k, she had no 2nd mortgage or other loans secured against the property

[dzug]

There should be some left over for her then.

Be aware that charges and interest may be more than you would think and that it may well be sold for less than its perceived value.

She'd have done better accepting the inevitable and selling it herself.

[Ethel]

What a shame, to be repossessed on a relatively low debt when there is so much equity in the property.

It will be sold quickly, not for the best price, and charges willl be racked up.

It's a waiting game, I'm afraid - but she should get in excess of 50k if the figures you quoted are correct.

[newquizzer]

If she had sold it herself she could have cleared her debts and have money to spare and start again. This way she has a bad mark against her credit rating.

[denak1]

Thanks everyone. Lady in poor health and off sick from work ,got into arrears with mortgage. Ignored problem and probably help offered by building society hoping it would sort itself out!!! Friends didn't know anything about it until it was too late. Will now help her as much as we can. Thanks again

[topmak]

hi denak
i no your question was posted some yrs back but could you plz advise to what happened to your friend as my girlfriend is now in the same position?
regards