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Response to House repossession

from Eleanor Scott (eleanor.scott@btinternet.com)
Lubna,

This web page exists to help people who are the victims of repossession. Because repossessed houses and flats are so frequently sold very cheaply by the mortgage lenders, something called a 'mortgage shortfall' is created. Many vulnerable people find themselves, as a result, being pursued very aggressively by a lender for money they don't have. On average, this is £27,000 some 8 years after repossession, I understand. Yet is actually unlawful for lenders to sell repossessed properties too cheaply. They are meant to market and sell them in exactly the same way as other properties.

I would be very grateful if you let me know if you do find evidence of repossessed properties being valued, marketed and/or sold relatively cheaply. As I am sure you are aware, helping others and pursuing social justice can also be a fact of life.

Thank you.

(posted 8518 days ago)

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