Mortgage Co.-carried On Renting My House For 8 Years Before Repossession

KURTIS

A_Nice_Englishman wrote:

But in the absence of any instructuions (or even contact) from you what were the mortgage company supposed to do?


By the way, what happened to the rent?

The rent was collected by the Lender. I didn't keep any of it.

Robert Stirling

Thats exactly my point. Did the lender carry our its obligation under the terms of lending.

As far as I am aware no lender will carry on with the arrears for almost 10 years without taking action, looks like this did.

A_Nice_Englishman

How much was the rent and how much was the mortgage interest? I can't see how the total rent could be £70K less than the total interest.

Put that question to the lender.

Somerset

Kurtis

I've never heard of this either and find it very perculiar. There are sites/forums devoted to repossessions which would probably have more expert advice/experience.

thoughts that occured to me in no particular order :
The AST - the tenant may have presented as a sitting tenant. The mortgage co would have no paperwork/tenancy agreement.
The above would also explain why it 'could' have been sold undervalue.
On the arrears calculation - if you've sarned them they should have provided this calculation. They should anyway. Then you'd see where the rent monies went. Could be the tenant stopped paying ?

You're fighting a rearguard action which will be very very hard. You don't know what the tenant said, what they paid or where the money went. Even when you do get the info from the lender (what they have) it'll be difficult to say 'the tenant was an ast' etc because the lender could only make decisions on the basis of what they could prove - you disappeared so nothing 'wrong' could be corrected at the time.

As I said, it seems very perculiar what went on, and I would be shocked too. But when a person vanishes from the scene, it allows all sorts of mistakes/misjudgements to be made. And it's very hard to get them fixed after the event.

Best of luck, because whatever you did wrong then, it must be scary to be facing the aftermath now. People make mistakes !