letter from mortgage Solicitors

eddie7_2

I have today recieved a letter from a firm of solicitors offering too accept £256.77 on behalf of there clients a building society , who stated that i owed £20,523.97 from the sale of a property which i voluntarily handed the keys back too which I had a mortgage on . The property was sold privately buy them to a builder at £18k and the market price was £32k , they at no stage marketed the property or auctioned it.
This was 10 years ago and no legal action was ever taken against me
thanks eddie

[Deleted User]

Well I am no expert in relation to this, someone will be allong shortly to help you.

You haven't paid up until now, so why bother? :-)

I guess they can't do anything as it's been 10 years? It's a bit late to worry now.

Hanky_Panky

assj wrote: »

Well I am no expert in relation to this, someone will be allong shortly to help you.

You haven't paid up until now, so why bother? :-)

I guess they can't do anything as it's been 10 years? It's a bit late to worry now.

Incorrect advice above - depending on the lender the Statute of Limitations on mortgage debt is 12 years not 6. It depends on the lender becasue any Council of Mortgage lender has a 'gentlemens agreement' to not pursue after 6 years.

So OP - check to see which lender it is and find out if they are a CML member - if they are ignore the letter - if they aren't then consider the offer as that is a very good discount indeed assuming that they confirm they or no-one else will take any further action.

FireWyrm

Did I read that right? They're offering 1% settlement? If so, that's very good indeed. Why dont you take it?

Did you owe the money in the first place?

eddie7_2

Well it was back in 1999 , The lender was the Halifax , I aksed to pay reduced payments while i sold the property , I had a buyer for it for £34,000 but at the last minute the lender demanded the deeds back from my solicitor and said i was in arrears so i lost the buyer . They had also changed the mortgage with out my aggreement from an endowement too a repayment one , and denied agreeing too accept lower payments lost my all my paperwork . On the advice of a solicitor from the CAB he handed the house keys back to them and obtained a reciept and put several letters to them pointing out the catalogue of distasters.
I then found out the property was sold via the Lenders manager to a builder for £18,000 , it was not advertised or auctioned at all .
Since that was March 1999 and they took no legal action against me , i ignored there letters