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Response to Sun Alliance/Curtis Solicitors Devon

from M Amos (idgroms@hotmail.com)
Joanne,

These are extracts taken from the Council of Mortgage Lenders web site: "www.cml.org.uk/servlet/dycon/zt-cml/cml/live/en/cml/pub_info_dept"

It would be interesting to see if your lender is on the list. Read everything on the web page though, as there are exclusions.

In addition, from 11 February 2000, lenders who are members of the Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in possession. Anyone whose property was taken into possession and sold more than six years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall. The Association of British Insurers supports this approach on behalf of the mortgage indemnity insurers.

All lenders which subscribe to the Code have now agreed to adhere to it whether they are a CML member or not. You can check whether a lender subscribes to the Mortgage Code by phoning The Mortgage Code Compliance Board on 01785 218200.

Good Luck, Mark.

(posted 7996 days ago)

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