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Repossession - how does it work?
Comments
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Jojo1daffy wrote: »You had the idea, you put that idea on the table, they went along with it because of the market conditions at the time
Wrong. The 'idea' came out of the Financial Advisers computer, and was being actively marketed by the lender.
Like you say, I will have to talk to the lender, but first I have to decide what I want to say to them!!!
MMM0 -
MegaMiniMouse wrote: »The lenders asked how the loan would be repaid, and we told them it would from the proceeds of the house sale. They accepted the risk - the gamble was theirs,
No the gamble was yours. You asked the bank to lend you XX amount to buy a home. They accepted the property as security for the loan, they didn't accept that you could surrender the security and walk away.
The obligation to repay the loan is yours. Asking you how you intend to repay the loan is to ensure you have a plan, not that the plan will be foolproof. (In the same way that those who were mis-sold endowments only fet compensation to put them in the position of a repayment mortgage, they don't get the whole mortgage cleared.)I don't accept any responsibility at all for the fact that my house has lost value.
Your choice, doesn't alter the fact that you signed a contract agreeing to repay the loan.
If you don't want to realise the loss at a time when house prices are low then you could ask to continue the mortgage until prices improve.We took professional advice, and accepted the advice of the professionals. Who were we to disagree with the professionals?
Then you can take action against the professionals. Who were your professional advisors? They wouldn't have been the bank as they merely decide whether to take the risk of lending to you ornot, they don't offer any guarantees on future values.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Like you say, I will have to talk to the lender, but first I have to decide what I want to say to them!!!
I suspect they will write to you and ask how you intend paying the loan. When you reply that you don't have the funds to do so and selling won't give you all the money, they will probably extend the loan at their SVR.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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