repossessed house sold for more than owed on mortgage

[jagger66]

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

[buildersmate]

You'll get money back. But it won't be �29k because you have to pay the expenses associated with the sale.

[Loosehead]

Yes as above you'll get the "change" after the exes have been sorted, should get most of it though. Depends on arrears and other charges.

[EverClean]

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.

[topmak]

hi jagger
could you please advise on the outcome of the repossession as my friend is in the same situation now and we would like to know who gets the profit after the greedy bank has sold it on??
regards