repossesion

cattie1

oh! (lightbulb flicks on and hamsters start runnin again!!!) i'm with you now desmonds, it was about a year ago now though-do you think she can still query it after all that time?

Xbigman

She is entitled to any money left over after all debts have been paid off. She should find out who took the actual possession and what solicitor they used. The company concerned or the solicitor must provide written evidence of what happened to the proceeds of the sale. She may need to go to a solicitor to get this information but it should be available anyway. She could also ask to see the court records of the repossession hearing as the solicitors details will be on there.

However, be warned that there may very well be no money left over. If the house was sold at auction it may well have gone for well under the going rate as a repo. There are also substantial costs involved in repossessions and sorting out the aftermath.

If it was me I'd sue the son.
Regards



X

Tootsie_Roll

desmonds wrote:

Cattie,

That's what I mean Cattie.....The 40K profit if the house had not been sold by the mortgage company would be your money if you had applied for an Order for sale.

If a house is repossessed then the house becomes the property of the secured and unless you step in an apply for an injunction to stop the sale and then ask the courts for an Order for sale allowing you to then sell the property yourself because you feel you can get more then this £40K or even more if you'd have sold it yourself would have been your money.

But the thieves and crooks know what they are doing and rely on peoples ignorance and lack of knowledge which in your case has cost you at least
£40K which could have been yours if you'd have known.

It always pays to seek advice not just off a forum but proper legal advice from a solicitor.

Please at least challenge them on this and hope that this money is reclaimable.

All the best


Desmonds

Not sure if I understand your post correctly - are you suggesting that once all charges on the property are released the lenders can then pocket any remaining balance ?

In any event they can't. Once the sale has completed and all monies owed are cleared the remaining balance has to be given to the homeowner, regardless of whether thay have been repossessed or not. If as the OP states there was £40k remaining this should have been returned to her m-in law. There is often confusion as to how much is owed though e.g. £50k remaing mortgage on £100k house with £1k per month interest payment. if the house takes 50 months to sell it will swallow up any remaining equity + of course there are all the legal fees etc to add on.

I would suggest writing to the lender and asking for a detailed breakdown of all amounts in question - they have a duty to provide this information.

Good luck.