I got a mortgage of £33k split with my ex wife and because she wouldnt accept any responsibility for the shortfall and NR wouldnt accept me as sole person responsible for shortfall. I had a sale at the time but there was going to be a shortfall of £2.5k so they repossesed. The total repossesion amount was £36.5k and I have just this week seen in a local paper seen the top bid for my property at £48k - way over what I owed them - and a price I could have probably got now if they hadnt repossesed 3 months ago. Will this mean that I will not owe them anything - I know the maths tells me this but is this the case - also do I have any rights regarding the extra money they have sold it for.

Thanks for any responses

-- Dave Bell (dave.bell4@ntlworld.com), October 12, 2003

Answers

Dave

They repossessed 3 months ago and the balance outstanding is £36k. The top bid you refer to ..is this an advert for the house asking for £48+ or what???

If the house is sold for £48k you would be entitled to any profit after all the relevant costs are deducted and that would include legal fees etc and of course the £36k.

If the property is just being put on the market, why don't you get a friend phone for a copy of the schedule and then you can check and see how it is being marketed and monitor if they are doing their best to get the best price for the property..which they have a duty to do!

Hope this helps and good luck!

M

-- M (Anderston828@aol.com), October 13, 2003.

I would not hold your breath for the extra cash if they make over and above the shortfall as they have tuned up calculators that invent loads of extra costs such as imaginary repairs for damage that does not exist, locks being changed, letters that they never sent etc, etc.

-- Steve. (powerhousesteve@aol.com), October 15, 2003.

Although it looks like you should be entitled to some money £48-£36k this will all depend on how much costs the building society have incurred in its repossession and disposals. I've had experience of these costs alledgedly being in excess of £7k. Therefore as the previous reply states "don't hold your breath for any excess" and don't be surprised if they still state that you owe them money due to the costs incurred.

-- (von6@uboot.com), October 26, 2003.