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My Mortgage Shortfall Dilemma

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  • #16
    Originally posted by MrKrinkle View Post
    I haven't got a copy of a possession order and I don't know how things would have progressed as we didn't formally had back the keys.
    If you didn’t formally hand back the keys then it may not have been a voluntary repossession.

    Do you recall signing a ‘voluntary surrender form’ in which you would have confirmed that you would remain liable for any mortgage shortfall after the property was sold?

    Was the mortgage in your sole name or joint names with someone else?

    What did you do if you didn’t hand back the keys or to put it another way, how did you give up possession (if you did)?

    You've said the shortfall was £30k but I think you said that you didn’t have a full breakdown of how that was calculated.

    Did the property remain empty for months or was it sold at auction for (possibly) Below Market Value?

    You can check the price paid on Land Registry, although if it has been sold again since it won’t show on the Office Copy which only reveals the current owner. However websites such as Zoopla will list previous sales back as far as 2000.

    Sorry for all the questions but it’s important to know the full facts before I make any suggestions as to the way forward.

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    • #17
      I didn't sign anything from the bank, we just left the property and moved to a rental. At the point that I left the property I was already 3 months in arrears with the mortgage which was in my sole name.

      From the time we left it took around 14-15 months before the property was sold according to the land registry. Looking at an old credit report, the mortgage account was defaulted around 10 months after we left. Would it be safe to assume this is when the lender would have been granted possession?

      The shortfall between the price it sold for and the original value of the mortgage was around £24k. The property was sold by an estate agent rather than at auction.