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delboypass

Repossession

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If someone gets repossessed, what can the lender do??

Can they force a person to go bankrupt to pay all the money due??

Scenario:

House worth £250,000k

Morgage worth £300,000k

Is it enough that the lender takes everything from the house sale or will they persue the individual for the remaining %50k and how likely are they to get this money - I.e. can they force a person into bankrupcy proceedings to recover all loses?

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If someone gets repossessed, what can the lender do??

Can they force a person to go bankrupt to pay all the money due??

Scenario:

House worth £250,000k

Morgage worth £300,000k

Is it enough that the lender takes everything from the house sale or will they persue the individual for the remaining %50k and how likely are they to get this money - I.e. can they force a person into bankrupcy proceedings to recover all loses?

Are you in trouble ? :) I told you so (could not resist, practicing)

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I know of a few people who had their houses repossed in 90s.one friend ,poor sod had a nervous breakdown with the worry,ended up paying around 4k back to the mortgage firm.He had purchased @ 100k and it was sold for 48k.This came after a lot of negotiation .Another guy I know has just ignored any letters received and so far seems to have got away with it.

Chatting to another friend,he paid the mortgage company around 12k although the house was sold @ a lot less than he paid for it.

Quite how all this works ,I really dont know biu I guess you cant get blood out of a stone!

With the new bancrupties laws I would imagine that it would be easier to just walk away-------or maybe you could sue them for mis-selling you a mortgage-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Another guy I know has just ignored any letters received and so far seems to have got away with it.

If he just ignores the letters he will get home one day to find the locks changed. I kid you not. There was a programme a few months ago on BBC Bristol. Chap in a similar position. Bailiffs turned up and he ended up just cycling away with what he could carry.

He was in his late 40's early 50's and lost his job and got into trouble, an old bike and a few clouths in a bag is not much to show for twenty or thirty year work.

This guy you know is going to be an statistic soon if he does not start dealing with his problems!

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I know of a friends sister, who, back in the early nineties had her home repossessed. She is still being persued by the lender. They will never leave you alone. Perhaps in some cases bankruptcy would be the easy option - but as far as I know this lady has never been forced into it.

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If he just ignores the letters he will get home one day to find the locks changed. I kid you not. There was a programme a few months ago on BBC Bristol. Chap in a similar position. Bailiffs turned up and he ended up just cycling away with what he could carry.

He was in his late 40's early 50's and lost his job and got into trouble, an old bike and a few clouths in a bag is not much to show for twenty or thirty year work.

This guy you know is going to be an statistic soon if he does not start dealing with his problems!

Probally I wasnt very clear about this.He moved from the house years ago and has rented different places since.Owns very little except an hi-fi and an old car.So I guess there aisnt much anyone can do about it.

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I know of a friends sister, who, back in the early nineties had her home repossessed. She is still being persued by the lender. They will never leave you alone. Perhaps in some cases bankruptcy would be the easy option - but as far as I know this lady has never been forced into it.

For this reason (and I have heard of others like this) probably the best bet, although it might be uncomfortable at the time, is bankrupcy. At least then if you want to own a house again, in 7 years your slate will be clean and you can start again. Although, unfortunately you will probably be at the top of the cycle again.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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