lost the house, now they want more money. please help!

sirmonty16

please help!
house was repossessed last year. mortgage was about 136K. mortgages plc sold the house for 136K. now they wany an extra £13,181. is this legal?

blue_haddock

presumably they are after the remaining costs incurred reposessing house.

Alias_Omega

I would think so yes, you took out a loan on the house, they have sold the house.

This fee probably is to cover themselves.

Probably best to speak to the CAB.

A_Nice_Englishman

Did they give you a statement of the total amount you owed, how much they sold the house for and what the selling expenses were?

If you can post the details, no doubt people will be able to explain whether it's right or wrong.

ManAtHome

Also will be interest charges from your last payment to when they received the cash from the sale.

silvercar

On top of the outstanding mortgage will be repossession costs; any early redemption penalties if the house was repossessed before the end of a deal period; interest from the date of repossession to the date the house was sold; any arrears at the time of repossession; estate agents fees; legal fees.

gravitytolls

As others have said, contact CAB.

The best piece of advice I was ever gven was from them. They said 'if you haven't got it, they can't have it.'

Sound advice, especially in this case. They have already sold your home, what else can they take? Unless you can come to some arrangement with them, they will have to take you to court. Teh court will assess the situation without bias toeither side, simply with the facts, and your ability to make repayments. They will decide what these are, and both you and teh mortgage company will have to abide by that ruling.

Of course you're scared, you thought it was all over, and now it appears it's not. But you must bear inmind that it's a relatively small sum of money, CAB will go through it all with you, and will deal with them on your behalf, and they can't ake anything else from you.

Just a note from me ~ it stinks that they're doing this after taking your house from you!

dunstonh

Just a note from me ~ it stinks that they're doing this after taking your house from you!

People know the risks when they buy a house. If you borrow money and cannot pay it back, then the lender has every right to go after what is owed. If they do not then its all the other borrowers who pay their mortgage on time that lose out as they are the ones that will be paying for it.

So, whilst you wouldn't wish repossession on anyone and it is unpleasant, the lender is quite correct in what it is doing.

Kez100

We once had negative equity and had to save ourself out of it. Why should you be any different?

Wiggly_Worm

Kez100 wrote: »

We once had negative equity and had to save ourself out of it. Why should you be any different?

That was an unecessary twist of the knife.

Tootsie_Roll

Wiggly_Worm wrote: »

That was an unecessary twist of the knife.

I certainly didn't see it that way - just a statement of fact. Not going to comment on the OP's situation at all but all too often posters get sympathy and 'advice' about avoiding repayment when really they need cold hard facts and advice about repaying their debt. I too have come close to losing my home many years ago, I fought my way out of it over 5 years with 3 jobs. It taught me a great lesson.