Help! Claim has been struck - house already re-possessed....advice please

smashedbooboo

I sent him a text earlier. I am going to ring him tomorrow. Me, Bank of Slate and Numpty met up for a coffee to sort out leeds meet. He was such a sport. Hang slack honey i am going to ring you in a minute x x

Wol2

Mobile or home line...I am still here.

silvercar

If the sale price didn't produce enough money to clear the mortgage, the loan company wouldn't have seen a penny. That would explain why the loan company tried to go for repossesion, it didn't know that the mortgage company had already repossessed!

The likelihood now is that the mortgage company will chase for outstanding money and the loan company will want its money also. There is every chance that the mortgage company will wait a few years to demand money as they will allow you to get back on your feet to be able to afford repayments.

None of these debts go away but their status has changed. From being priority debts (ie you need to pay them to keep your home), their priority is now much lower as there is no security against them.

Wol2

Thanks Silvercar

Prior to being repossesed, the house had just been refurbished following flood damage

My friend is therefore worried it won;t sell at all or for a very low price, because of the flooding and possible inability to get insurance by a buyer, hence her concern the debts wont be covered. The house is still on the market, price reducing every month........

Looks like we'll have to keep our fingers crossed .....

Wol2
xxx