repossession help

scattyaly

i am hoping someone out there can help me, i have a friend who was reposed 10 years ago, they have just caught up with her and are asking her to pay £66,000 they say they did not sell the property for 2 years, we cannot find out when they did, she is desperate for any help or useful site details as is scared it may jepodise her new mortaged property, anyones advice would be useful. thanks people scatts

Tootsie_Roll

They have 12 years to pursue her for the outstanding balance although I would check to see if the lender is a memeber of the 'Council of Mortgage Lenders' - if they are they have agreed not to chase anybody after 6 years so she may be able to invoke this agreement.

The lender should also be able to provide all the details surrounding the sale including sale price, date, interest accrued to that date etc etc.

For more information please go here http://www.nationaldebtline.co.uk/

silvercar

SHe should contact CAB or similar for advice before getting in touch with the mortgage company. it may be that by contacting them she will be considered to have acknowledged the debt and the time clock could start again.

Try and find out from Land Registry the last sale price if it registered.

Shouldn't jepordise her new mortgage if she declared the repossession at the time.

Tootsie_Roll

silvercar wrote:

SHe should contact CAB or similar for advice before getting in touch with the mortgage company. it may be that by contacting them she will be considered to have acknowledged the debt and the time clock could start again.

Try and find out from Land Registry the last sale price if it registered.

Should jepordise her new mortgage if she declared the repossession at the time.

No that's not the case - you can only acknowledge the debt in writing or by making a payment.

scattyaly

thank you both for your help, will try your ideas, bless her shes desperate.