claiming a registered interest in a property that has been repossessed

whatafooliam

There is along tale of woe about this but I'll give the short version - i have a registered interest in a property that has been repossessed and the lender is selling for less than what the mortgage is. do I stand any chance of reclaiming some , if not all of the 12 and a half % of what I put in?
Many thanks if anyone can help

traumascares

It depends which registered interest has priority - your interest or the mortgage. This depends on whose interest was registered first. If your interest was registered first, then the mortgage only affected 78% of the property and your interest has priority. If the mortgage was registered first, or you consented to the mortgage, then the mortgage has priority.

Unfortunately I think the lender will probably have priority. Lenders do not normally accept the presence of other registered interests taking priority over the mortgage. If the mortgage has priority and there isn't any equity in the house then you won't get anything.