Repossession Shortfall from GMAC mortgage chased by DMS

[penface]

Hi.

In 2007 my husband died, we unfortunately had no life insurance.

Our mortgage was with GMAC RFC.

 

Without my husbands salary I couldn’t afford the mortgage,

they were charging me massive interest rates etc

 

After a year I did a voluntary repossession.

They then sold the house at a massive under value and DMS are now chasing me for a shortfall of £107k.

 

I am a single mum who is surviving on benefits now in rented accommodation.

I obviously don’t have the money they want.

 

As I was in the accident that killed my husband,

I had horrendous life saving injuries and it has taken me a long time to get on my feet but I received a personal injury settlement.

 

However this was not a large amount and I have since paid all my debts to others and which has left me with nothing.

 

What more do these people want?

 

I have lost my husband, my health and my house. 6 years on they are chasing me.

I want to try to get on with my life but obviously can’t.

 

What are my options

– do I see if they will accept a really low settlement offer

or do I let them take me to court and go bankrupt (I have nothing to loose as I have nothing)

or do I start to fight them (or the original mortgage company) who sold the house for far less

 

– I have copies of valuations that I had done that were between 80k and 130k more than what they sold for

and other smaller properties on the street sold for more and the house is up for sale again at a vastly higher price without any major work being done to it?

 

It is hard enough losing your husband trying to survive with two young children without having to go through all this as well.

 

I don’t have the energy to fight this and will take the easiest stress free option but I have nothing and do not want these parasites to be involved in my life forever.

 

Any advice really very appreciated.

Edited April 22, 2013 by penface

[Pritchette]

I'm so sorry to hear that you've been through so much.

The shortfall must really feel like a kick in the teeth (putting it mildly).

 

I too have been through voluntary repossession and have been left with a huge shortfall that I have no way to pay,

so on that front you're certainly not the only one.

 

I also believe that my property was sold for too little so I have written to my mortgage co outlining the reasons why I believe this to be the case.

 

They are currently investigating the matter.

I've no idea what their outcome will be though.

 

There are lots of steps you can take and I'm sure some of the pro's will be along to offer you some advice.

 

Please don't worry about it though, because what you don't have they can't take! Good luck x

[dx100uk]

urm...what do gmac say about this shortfall

 

dms are nothing more than a dca as such

 

dx

[dx100uk]

Anyone being chased for a mortgage shortfall should be writing to the lender to demand details of how the property was marketed, how many estate agents were asked for valuations and if the property was sold under value was there any connection beteween the lender/estate agent/purchaser.

 

The lender has an absolute obligation to keep the borrower's best interests in mind.

[being-DUN]

Anyone being chased for a mortgage shortfall should be writing to the lender to demand details of how the property was marketed, how many estate agents were asked for valuations and if the property was sold under value was there any connection beteween the lender/estate agent/purchaser.

 

The lender has an absolute obligation to keep the borrower's best interests in mind.

 

Did you resolve this matter???? you are absolute correct

[dx100uk]

org thread is years old now

 

dx