living overseesgreenspun.com : LUSENET : Repossession : One Thread
We moved into a house 10 years ago in an area that was supposedly up and coming but unfortunately the Westbury homes builders got into financial trouble and sold the remainder of the empty homes to 'family care' without our knowledge. So the valuation of our property went from 60k to 45k in one year. In 1997 we attempted to sell the property once again (we'd tried 3yrs earlier) as a job offer in New Zealand had come up with 45k owing still on the property and through an agency we rented the house to cover the mortgage, after many attempts to sell had failed. This renting covered our mortgage. But the agency gave me three weeks notice of the tenants moving out and we were stuck with an empty house whilst the mortgage added up. So we returned the keys with a letter explaining the predicament of not being able to sell the house due to the area going downhill and unable to find tenants whilst living in new zealand. That was around May 98 and have had no correspondence since. The only letter recieved was one advising us of new mortgage rate about 8 months ago. What should I do? Can I get possessions taken off me over here if I can't afford to pay any shortfalls? Should they have notified me of what is happening?
-- stephen bill (email@example.com), June 22, 1999