Repossessed Home not sold after 12 years and counting

badmemory

Deleted_User said:

Any way the mortgage company would sell a repossession at the market value it's valued at, not for peanuts. 

This is not my experience of 2 local sales.  The mortgage company will sell at whatever pays off the debt to them regardless of the actual value of the property.  A local property was recently sold for only £110k when the previous owners had turned down £145k because they wanted £150k.

hoverFrog1

The bank want to collect the value of the loan that they made. They do this by charging interest and collecting regular payments. When the loan is defaulted they can repossess and then sell the property to recover the money they loaned out. Sometimes they'll sell the property for more than the loan value. If that happens they have to give you money back. If not then they can pursue you for the money.

That means that they have to have records of lending you the money and of the entire account. That they haven't sold the property is a bit daft but Platform were sold to Coop and merged with Britannia so I wouldn't be surprised if your property records were just lost in the shuffle. You can write to the bank at their head office address and try to find out about the house. Maybe it will prompt them to auction it off and if you're lucky you could get something out of that (don't hold your breath though). 

More than that you might just be able to claim something on the mis-sold mortgage though you'd need to ask someone who knows much more about it that I do. A bank has a duty to lend money responsibly. If you could not afford payments then they should have checked properly. They didn't do this at the height of the sub prime boom.

Good luck.