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Should I be updated by mortgage lender after voluntary repossession? |
Submitted on: 17th Jul 2011 by Non-Member | Total Answers: 3
I live in Scotland and handed my keys back to my mortgage lender in May 2010. I also have a secured loan against this property and and informed all parties of my actions. The secured loan company served me with a warrant to appear at a sheriff court for repossession in April 2011. I informed the sheriff officers that i had handed back my keys and that the first lender had possession. I do not know if they proceeded with this court case. I found out via the internet that my property has been sold.
What is my position regarding my outstanding debt to the secured loan and should the primary lender be keeping me updated?
I also lodged a written complaint to the primary lender in January 2011 and have heard nothing from them.
Can you advise please?
Re: Should I be updated by mortgage lender after voluntary ...
The court enforcement from your secured lender would not have gone ahead as you had voluntarily handed back the property to the mortgage lender. Once the property was sold, any outstanding debt that was not repaid from the sale becomes an unsecured debt and you are still liable to repay it. You should contact your old mortgage lender and ask what the current position is i.e. did the sale clear the mortgage and secured loan? Only then will you know what debts you have currently and can then approach the lender to start to make repayment.
This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.
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