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Home repossession query

hiltonhater · 2012-03-11 13:20:43

If a house is in arrears of a lot with the bank and they repossess, does the current value of the property come off the 'mortgage' amount meaning the owners pay the difference or are they liable for the entire mortgage as well as the loss of the property?

11-03-2012 02:20PM

#1

hiltonhater

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If a house is in arrears of a lot with the bank and they repossess, does the current value of the property come off the 'mortgage' amount meaning the owners pay the difference or are they liable for the entire mortgage as well as the loss of the property?

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#2 11-03-2012 02:48PM

3DataModem

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hiltonhater wrote: »

If a house is in arrears of a lot with the bank and they repossess, does the current value of the property come off the 'mortgage' amount meaning the owners pay the difference or are they liable for the entire mortgage as well as the loss of the property?

They repossess, they sell. Whatever's left after costs comes off the mortgage. If there's a shortfall then you are liable for the balance. If there's a surplus then they'll give this to you.

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#3 11-03-2012 02:54PM

hiltonhater

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thank you so much for the information

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