HELP owe £51,000 after house repo!!!!!!!

angeleyes2u

Hi all, first time posting!!!!

Just received letter from santander saying we owe £51,000 after they sold our house after repo in september. We had the house on the market for o.i.r.o £150,000 on advive of the estate agents which would have left us owing nothing and making nothing after all fees.

Santander has however sold it for £100,000 and wanting to charge us an extra £15,000 on top for a long list of stuff?????

We re-mortgaged in 2007 to add an extension and the house before the extension was valued at £164,000 by the bank and then at £184,000 after the extension.

We dont have a penny let alone £51,000! I work as a teaching assistant and my husband is self employed and we dont know what to do or where to go, any advice is helpful!

opinions4u

The bad news is that you are liable for any costs that they incur in repossessing and selling the property and any shortfall between debt and sale price achieved.

Speak to CAB, Shelter or another debt charity about your options. There's no rush. They can't have what you don't have.

Gorgeous_George

You should have tgaken advice BEFORE it was repossessed.

Santander may have done you a favour in mitigating your losses. With interest rates at an all time low, what happened in September to get you repossesed? I know things happen but what would you like Santander to have done differently?

It may seem harsh but if not you, who should pay?

GG

Wickedkitten

opinions4u wrote: »

The bad news is that you are liable for any costs that they incur in repossessing and selling the property and any shortfall between debt and sale price achieved.

Speak to CAB, Shelter or another debt charity about your options. There's no rush. They can't have what you don't have.

Aye, and the really bad news is they don't have to put it on the market for what estate agents have valued it for when you were selling, even worse you are responsible for arrears in mortgage payments, charges for missing those payments, the difference in the amount owed and what they have sold it for, any costs that they have incurred in selling it, and capital gains tax if applicable

Incyder

I recommend a very long cycling/camping holiday and changing your surnames to Smith.

reformedEffortmaker

Incyder wrote: »

I recommend a very long cycling/camping holiday and changing your surnames to Smith.

are you serious?

Radiantsoul

As a teacher bankruptcy would not be a bad option for you, but not great for someone who is unemployed. So your husband might want to consider investigating the possibility of an IVA.
The other option is if a family member/you can come up with a lump sum they might consider it in full and final settlement. But I have no idea who keen Santander are on these kind of deals.

angeleyes2u

Thanks guys,

The house wasnt suddenly repo'd we had been struggling for a while been to court more than once and did everything possible to avoid it. We sold everything of value in vain so nothing left.

We wouldnt have even been in the situation if it wasnt for the bank in the first place! The recession was to thank for my husband being out of work!

But life goes on and santander will prob not be happy till we bankrupt so???

Burridge60

angeleyes2u wrote: »

We wouldn't have even been in the situation if it wasn't for the bank in the first place! The recession was to thank for my husband being out of work!

Tragically you have become a statistic of the recession and whilst you can blame the Bank it is unlikely that Abbey/Santander were responsible. It is just bad luck and you could hardly expect a Bank to worry about anything than get their money back.

Surely someone in your whole advice network alerted you to the likelihood of the property being sold for less than what you believed the market price would be, if it went into possession.

The price of a property is just what a willing purchaser in an open market is prepared to pay for it. The agreed price would have been advertised and any buyer would have had to pay for the legal work and still risk a higher offer being made prior to exchange.

Abbey/Santander had a duty to you through their agents to secure the best price for your asset as possible given the current state of the market. If you had already had it on the market for sometime at the higher price and it wasn't selling then the true market value was much lower.

I would suggest that you conduct the debt specialists with a view to your current situation and open a dialogue with Abbey/Santander towards agreeing a lower lump sum settlement or a repayment option.

If you have any evidence of collusion between any of the parties to the sale and purchase then you may have grounds for a complaint of serious wrongdoing but I doubt this will be possible.

silvercar

angeleyes2u wrote: »

But life goes on and santander will prob not be happy till we bankrupt so???

NO. Santander will know that bankruptcy writes off the debt, so they will want to reach an agreed payment plan with you. They may even give you some time to get back on your feet before demanding payment. Whenever you communicate with them, make it clear that being over demanding will just result in you both declaring bankruptcy at which point the debt is written off.