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Post Repo Offer To Settle


skyrider
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Our house was reposessed in February

we had a massive mortgage and hadn't been able to sell the house.

 

Two sales since have fallen through and its now on the market for something like 75k less than what's due on the mortgage.

 

Both I & my partner are BR now.

After my BR,

but before my wife's BR

she had a letter from the lender saying that they antiicpated the loss would be just less than £900 and would accept that amount to settle the account.

 

I realise BR effectively settles the account,

but if they would confirm that payment of that amount would clear our name for being delinquent mortgage holders it would be worth asking a member of the family to clear the account for us.

 

Does anyone have any experience of this or views please?

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you need to confirm what they are offering in writing

i believe mortage repo stays on your credit file for a long long time

they can come after any shortfall for up to 12 years

 

The OP has gone bankrupt so the shortfall cannot be chased ever.

 

I wouldn't worry about it as the repossesion wil lstay on your record as will the bankruptcy for 6 years. Throwing away £900, will not change the facts. What is it you are hoping to acheive?

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