I have read an interesting article entitled "Mortgagors' claims against lenders for sale of a property at an undervalue", you can find it on: http://macdonald.butterworths.co.uk/incontext/incontext.asp?ss=1&id=363

Mark.

-- M Amos (idgroms@hotmail.com), June 07, 2002

Answers

A very interesting article... My property was repossessed in March 2001, prior to this I had a buyer who was willing to pay £50k, but the bank refused saying they could get more. Eventually the bank sold the proerty at auction in Jan 2002 for peanuts £18k. The person who bought the property at the auction sold it in May 2002 for £45K.

Can I take action against the bank. The evidence I have is a letter from the buyer (£50K) stating that the bank refused there offer and took a possession order, property particulars from the person who was selling after the auction for 45K.

Will this evidence be sufficient to prove that the bank were negligent and undersold my property??

-- B Gill (Baljinder_gill0@hotmail.com), June 07, 2002.

You are within the time period and it sounds like you have good evidence, maybe obtaining some valuations from estate agents of similar properties in the same, or nearby area, at the time of sale of your property would help too. I am no expert, however, I think you need professional legal advice here. Complain about this to your local MP as well, and if you can, sign the Mortgage Shortfall e- petition on www.Petition-them.com, which calls for a full investigation into underselling, amongst other things.

Mark.

-- M Amos (idgroms@hotmail.com), June 08, 2002.