Hi there(posted 7918 days ago)If your repo'd property was sold more than 6 years ago and there has been no contact from the lender, under the CML (Council of Mortgage Lenders)agreement of Feb 2000, they should not now pursue you for the shortfall.
The lender must of course be a CML menber - all building societies and banks are, as well as some of the other lenders.
You say that the repo was 7 years ago- for the CML it is the date of sale that is important.
This CML agreement is completely different and seperate from any limititation issues (such as have been recently been decided by the Court of Appeal). It is only a voluntary agreement but it seems to have been adhered to by lenders.
The lender may claim to have contacted you - if they have written to an incorrect address, that does not count as a contact. If they have written to a corect address but the letter has been ignored, thrown away etc., contact will have been made.
I hope this helps
All the best
Guy
PS if an insurance policy - a MIG (mortgage indemnity guarantee) covered the loan, the insurer is allowed to chase the borrower to get its money back - very unfair as the borrower paid the premium, but true i'm afraid.