my home was repossed can i claim anything back

tysam_2

my home was repossed in 2004 can anyone advise on what i can claim back i have already had £11,250 aprox paid back to me, i have most paperwork but one thing is puzzling, the mortgage company has charged me £15,787 and states it is EARLY REDEMPTION INTEREST along with other fees such as discharge fee also interest SINCE possession of £7,358, can anyone help as money is tight at the moment as we are just getting back on our feet.

financial_solution

Tysam,

The £7,358 will be interest accrued between reposession and settlement of the account. The account was not settled at reposession but rather when the monies have been repaid to the mortgage company (ie: after sale of the property).

Unless you have been overcharged I cant see anything that you can claim back.

Regards,


Mark.

Note: There will also be the extra costs involved in repossessing the property included in the final settlement figure.

tysam_2

many thanks for that, the sale price was 299.950 and it states amount posted to mortgage ledger 299.528.74 LESS o/s bal' at date of possession 257.141.44...interest since possession 7.358.37..insurance since possession 224.12..early redemption interest 15.787.15...solicitors fee 172.25..repo fee 250..discharge fee 120..sale costs 1.441.44..estate agents fee 6.167.73 which leaves 288.662.50 with a surplus of 10.866.24 on 10th aug 04 which i claimed back with interest [11.257.13] ..but it is the 15.787.15 early redemption interest ??? can they legaly charge this to my account together with many arrears fees aprox 5 or 6 at 41.25 each

mightymouse

Hi

It might be that you had something similar to a fixed rate mortgage where there was an early redemption fee in the event that you did not see the mortgage through fixed the term period hence the 'early redemption fee charged'.

The figures need checking as mistakes do happen and you may be able to do that yourself?,

silvercar

That interest cost looks like it was 5-6 months between repossession and completion of the sale. Is that right?

Early redemption penalty looks to be 6% - check your paperwork, that seems high.

Sale costs 1,441 - don't understand what this could be if solicitor's fees and estate agent fees are shown separately.

Estate agent fees are 1.75% + VAT; is that reasonable for your area?

MarkyMarkD

There's no reason why an early redemption fee should be waived for people who have their properties repossessed, but charged to people who pay off their mortgages at the same point of their own volition.

You've managed to walk away with a surplus after allowing your property to be repossessed. You therefore could have sold it yourself, paid off the mortgage, and not got into such serious arrears that you got repossessed.

I don't see what you have to complain about TBH.

tysam_2

MARKYMARKD,

The reason why my house was repossessed was because of a NERD like you going bankrupt on me taking away the hard earned cash which i could have paid my mortgage off with, if you haven't anything positive to say keep out of the discussion!!!!!!!!!!!!!!!!!!!!!!!

Noz

No need for personal insults

silvercar

Tysum, MarkymarkD's point was valid - redemption penalties are allowed. His second paragraph may not help you, but could help another person reading this thread.

I made some detailed coments in my previous post (#5), have you had a chance to look at them?

MarkyMarkD

tysam wrote: »

MARKYMARKD,

The reason why my house was repossessed was because of a NERD like you going bankrupt on me taking away the hard earned cash which i could have paid my mortgage off with, if you haven't anything positive to say keep out of the discussion!!!!!!!!!!!!!!!!!!!!!!!

So, at the point that your customer(?) defaulted, you could have put your house on the market and walked away with a bigger profit.

I've never defaulted on anyone so I don't quite understand your pointless insults.

Very few houses get repossessed without the borrowers having buried their heads in the sand, hoping things will sort themselves out.

Almost everywhere in the country you can now rent a property for less than you can buy it for on a repayment mortgage. Staying in a mortgaged property and not paying the mortgage is simply not moneysaving.