question category: Repossession

if my house is repossessed and i have no money to pay towards a shortfall what happens?
Submitted on: 13th Jul 2009 by Non-Member | Total Answers: 1

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Re: if my house is repossessed and i have no money to pay ...

If your house is repossessed and sold for less than the amount secured against it you will be responsible for the shortfall.

This amount will be an unsecured debt and a good debt advisor should be able to help you come to an arrangement to pay it off at a rate you can afford.

Unlike other debts, a lender has 12 years to pursure mortgage shortfalls so you may not be contacted immediately about it.

Submitted on: 14th Jul 2009 by Darren Member

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