Mar
13
Arrears after House Repossession — Help?
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My house was repossessed some time ago, but a solicitor’s company is now demanding money from me because the house was sold for a much lower value than what i originally bought it for.
Should there be any obligation on me to pay the difference since I didn’t sell the house.
In my opinion it’s illegal to damand money from someone whose house has been taken away with a court order.
Please advise me..
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2 Comments
March 13th, 2010 at 9:46 am
They are legally able to ask
March 15th, 2010 at 8:59 pm
I’m sorry to hear about your situation. Your mortgage is a very large loan given out only because you have collateral (the home) to help ensure that the bank has a way to get their money back if you do not make the agreed upon payments.
You are still responsible for the amount of the loan, even if you house lost value in the meantime. Mortgage payments aren’t exactly paying for the home like a rental payment, rather they are paying back the loan used to purchase the home.
I hope this helps to explain why you are responsible for the remaining portion of the loan.
Regardless, it wouldn’t hurt to ask a lawyer what your options are or contact a non-profit or government agency counselor for further guidance. This is an all too common problem right now.
Good luck.