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Repossession of Property
Brunette40
Posts: 1 Newbie
Hi can anyone tell me if my house is repossessed can I still keep my bank account? Also do the Mortgage Lenders look into your bank account or is it private to me. Really, not nice to be in this position but can't be helped!
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Comments
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Do you bank with the same provider as your mortgage?
Generally speaking, you keep your bank account. The lender repossesses and sells your property. After which they tally up the outstanding mortgage and arrears, repossession and selling costs. Anything left over gets returned to you. If there is outstanding money they will contact you to arrange a repayment plan.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Are you thinking there is going to be a mortgage shortfall debt?
There is no rush but, if so, you should think about moving your banking elsewhere.
And post on debt-free wannabe when it comes through0
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