Reposession

ej_blondie

My home got repossessed 2weeks ago and I'm now worried about what will happen next. If the house sells for less than what the mortgage was originally how am I supposed to pay back eg£20,000 on the outstanding amount? I simply cannot afford to pay that amount and don't really want a large debt hanging round my neck when trying to start a family. Please help!!!! I'm scared of being arrested for not paying or having bailiffs coming to my new home!!! I simply cannot afford the deficit, if there is one. EJ x

ej_blondie

Or is there any way I can resolve the situation without getting out loans for the debit on the mortgage?

kelloggs36

They will ask you what you can afford to pay towards any shortfall. When it happened to me (12 years ago) I couldn't afford anything to start with, but then offered a lump sum of only 2k against a 20k shortfall - they took the money and confirmed that they would not be persuing me any more. Good luck.

SouthCoast

Information on mortgage shortfalls:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

poppy10_2

The lender has upto twelve years to contact you and pursue repayment of the debt. As you also have significant credit card and overdraft debts, and your credit rating is shot anyway due to seven months of missed payments, it might be an idea to consider bankruptcy if you want to start with a clean slate. This is a major decision that you should seek professional advice about - try the CAB in the first instance.