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Voluntary surrender v's repossession

nino1 · 2013-04-17 09:29:21

My understanding of a voluntary surrender is that the bank will sell your house, (often below market value) and persue the owner for the shortfall plus legal and other fees. Does the same apply in a repossession situation? And what methods do the bank use to persue the mortgage holder for the balance owed?

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17-04-2013 10:29am

#1

nino1

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Join Date: April 2011

Posts: 557

My understanding of a voluntary surrender is that the bank will sell your house, (often below market value) and persue the owner for the shortfall plus legal and other fees.
Does the same apply in a repossession situation?

And what methods do the bank use to persue the mortgage holder for the balance owed?

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