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Hi, thanks for your question. My name isXXXXX can assist with this.
When you say "signed the property back" do you mean you gave them authority to sell it?
No the keys and deeds were handed to the solicitor and the mortgage compaany sent a form to sign handing the property back to their posession my daughter had to walk away as her ex partner woud just walk in and say his name was on the mortgage and she coudnt stop him the children persueded him to allow the voluntary reposesson as there was no equity in the property so he signed the documents. The keys were handed back in april with no arrears but the mortage company sold the house 8 months later and say she owes the mortgage up until the sale even though she had no access to the property
OKay. They will sell the property then from that point of handing back, and once sold, they will apply any equity (if any!) to the mortgage debt. So they can continue to receive the monthly payments from you until the debt is paid in full.
So even though they accepted posession in April they can still charge for the mortgage until it was sold in December and she had moved out 8 months previously. I was a Housing Manager and when a tenant terminated rent ceased as we had posession of the proerty and the keys is this not the case with a mortgge
Yes, that's right, because they "take possession" then sell it, and the mortgage continues until it is redeemed (or paid for) in full.
IMy daughter had the house up for sale on the open market fo£129,950 trying to sell before repossession I have the documentation proving this but the mortgage company sold it for lees than market value at £102,000 which my solicitor said they couldnt do as they had to sell at market value if I have proof of this would I have a chance in court of reducing the debt they say she owes they are coming after her because the excuse of a man which is her ex partner claims he is a man of straw even though he earns minimum £700 a week but its cash as hes a taxi drive
You might have a grounds for making a counterclaim against the lender for selling at an undervale. You should discuss this with your solicitor. It would be a basis to resist their claim against you if you can prove it was sold for too little.
Thank you for your help i will fight them on this I did a lot of research of other huses up for sale at the same time in the same area and have that documentation as well as I know the more evidence you gather the more chance of proving the case .. i will go back to my solicitor now I know I may have a case .
I hope you manage to get a good resolution to this. I wish you the very best.