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Repossesion questions

Lensman_2
Posts: 1,506 Forumite

Hi All
After doing a SoA yesterday, my surplus is more than I thought (I've been knocking off a lot of debt over the last few years and have drastically cut back my lifestyle). BR may not be the foregone conclusion I thought - but that decision will be based on my shortfall after the flat is repossessed.
(Details here) http://forums.moneysavingexpert.com/showthread.html?t=1351879
I have some questions then, hope you can help...
What's the rough % of market value if a property is auctioned - based on your experience? The only post I could find said they got about 50%.
Based on your advice I am not going for VR. Does this make me any less liable for the shortfall? This seems to be a grey area from reading back through posts. I thought I was 100% liable for it, VR or not...?
If I am, what is gained by not going for VR?
TIA
Jim
After doing a SoA yesterday, my surplus is more than I thought (I've been knocking off a lot of debt over the last few years and have drastically cut back my lifestyle). BR may not be the foregone conclusion I thought - but that decision will be based on my shortfall after the flat is repossessed.
(Details here) http://forums.moneysavingexpert.com/showthread.html?t=1351879
I have some questions then, hope you can help...
What's the rough % of market value if a property is auctioned - based on your experience? The only post I could find said they got about 50%.
Based on your advice I am not going for VR. Does this make me any less liable for the shortfall? This seems to be a grey area from reading back through posts. I thought I was 100% liable for it, VR or not...?
If I am, what is gained by not going for VR?
TIA

Jim
BSC No 248
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National Debtline 0808 808 4000 | StepChange 0800 138 1111 | CAB - Get Advice
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Comments
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You would be liable for all of the shortfall however if you were bankrupt the whole shortfall would go into BR. You can't really guess how much it would go at auction but I happen to look at the results from one auctioneer monthly and they often get more than the guide price. If it was the guide price from your mortgage lender it wouldn't necessarily be the guide price that you would personally put the house in an auction for.
:j :j
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