House repossession

[sheridan29]

hi guys, hope fully some one can advise me.

i had my house repossessed 4 years ago, my friend and i brought the property part ownership for £118 k so we had a mortage for 57k(with halifax). we couldnt keep up payments so the house was repossessed after 3 years. it was up for sale for £138k before it was repossessed but the buyer pulled out at the last minute.

i thought as it was repossessed that was the end of the matter.

halifax's solicitors are now chasing me for £24,500 as they are saying that s they only managed to get £98,000 for the property at auction.

2 things that sound fishy to me about this is...we were to sell the property for £40,000 more only 6 months before they sold it, so they have dropped the price a lot to recoup some money.

also we only borrowed £57,000 so if the house was sold at £98,000 and we are only eligible for the 50% ownership of this, surely we should only be owing £8000 there abouts??

please advise thanks x x

[rebel11]

Hi sher

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

[compliancev]

hi guys, hope fully some one can advise me.

i had my house repossessed 4 years ago, my friend and i brought the property part ownership for £118 k so we had a mortage for 57k(with halifax). we couldnt keep up payments so the house was repossessed after 3 years. it was up for sale for £138k before it was repossessed but the buyer pulled out at the last minute.

i thought as it was repossessed that was the end of the matter.

halifax's solicitors are now chasing me for £24,500 as they are saying that s they only managed to get £98,000 for the property at auction.

2 things that sound fishy to me about this is...we were to sell the property for £40,000 more only 6 months before they sold it, so they have dropped the price a lot to recoup some money.

also we only borrowed £57,000 so if the house was sold at £98,000 and we are only eligible for the 50% ownership of this, surely we should only be owing £8000 there abouts??

please advise thanks x x

Hi,

that would depend on a few things. When did they sell the house? as there was a sharp decline in house prices a few years ago, did you have any rent arrears to the shared ownership? and of course fees, additional interest solicitors costs, possession costs, lock changes, clearance and cleaning, repairs ect. you can always ask them for a complete statement of accounts to find out how much you were charged and for what