question category: Repossession

I have mortage, but can not pay any more, when my house will be repossessed?What it means?
Submitted on: 27th Jan 2009 by Non-Member | Total Answers: 1

When they will take my house, do I have to pay them more?

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Re: I have mortage, but can not pay any more, when my house ...

If your house is repossessed it will usually be sold at auction. Any mortgages or secured loan will be settled from the equity and the balance will then be passed to you.

If there is not enough equity to settle all the secured debts, you will still be liable for the shortfall.

The bank has up to 12 years to chase this debt. Some building societies choose not to, however you should get some advice.

Submitted on: 28th Jan 2009 by Darren Member

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