Mortgage shortfall letter

Keith60

Good afternoon 
I have received a letter from hessonite mortgages saying they have taken my mortgage over I had my house repossed around 11.5 years ago with my ex wife do to many factors I know house was sold but had no contact from nram who mortgage was with to how much for and if there was shortfall the letter states it not a letter for payment I am coming up to 64 years old should I be worried about this letter any advise would be appreciated thank you

jlfrs01

It is possible there is still money owing if the sale of the property didn't cover the debt.

There are some time limits which dictate how long a lender has to pursue a debt, this short article is worth a read:

https://england.shelter.org.uk/housing_advice/repossession/mortgage_shortfall_debts_after_repossession

As the article says, it would be wise to get advice before responding.

Keith60

Thank you The letter states it not a letter for payment just info

Keith60

Should I contact them or wait for them to contact me

silvercar

Keith60 said:

Should I contact them or wait for them to contact me

Do nothing! They could very easily be out of time. This is probably a fishing letter to see what response if any they get, particularly as it is near the 12 year mark.

Keith60

Thank you for that will wait for further contact

Keith60

When does statue barred start is it from first missed mortgage payment and help would be appreciated 

MWT

Keith60 said:

When does statue barred start is it from first missed mortgage payment and help would be appreciated 

You need to check the paperwork on the original repossession, if the court made a money judgement at the repossession hearing then there is no time limit on their ability to recover the remaining balance on that judgement, but they would need court approval before they could use bailiffs if it has been more than 6 years since they last contacted you about the debt.

If there was no money judgement with the repossession order then it is more complicated.

CRW1814

I've also had this letter. My house was repossessed 15 years ago. I believe mortgage debts are written off after 12 years but I could be wrong. 

Keith60 said:

Good afternoon 
I have received a letter from hessonite mortgages saying they have taken my mortgage over I had my house repossed around 11.5 years ago with my ex wife do to many factors I know house was sold but had no contact from nram who mortgage was with to how much for and if there was shortfall the letter states it not a letter for payment I am coming up to 64 years old should I be worried about this letter any advise would be appreciated thank you

Keith60

Thank you for your reply what course of action are you taking 

grumbler

The link posted above says very clearly:

They must notify you that they intend to take this action within 6 years of the sale of your home. 

If this is correct, the course of action is very clear too - ignore.