Unfortunately my mother in law is probably going to befacing repossession in the near future.
I was just wondering when/ if there is a shortfall on themortgage how do lenders pursue this?
Based on current house prices I would estimate the shortfallon the mortgage to be around £10,000. But then there would also be the lenders feesfor selling the house too.
Recently shes been made redundant, is 65 and not in goodhealth so finding another full time job is not a sustainable option. She hassavings of £16,000 and is using these to pay the mortgage.
The house is on the market has been for some time- is she best to drop it down tothe absolute minimum to try and avoid repossession? Considering she has earlyrepayment charges of £5,000 + estate agents and fees?
If/when the house is repossessed can the lenders force herto pay the shortfall from her savings taking in to account the fact apart from herpension this will be all she has to live on?
Thank you in advance.
I was just wondering when/ if there is a shortfall on themortgage how do lenders pursue this?
Based on current house prices I would estimate the shortfallon the mortgage to be around £10,000. But then there would also be the lenders feesfor selling the house too.
Recently shes been made redundant, is 65 and not in goodhealth so finding another full time job is not a sustainable option. She hassavings of £16,000 and is using these to pay the mortgage.
The house is on the market has been for some time- is she best to drop it down tothe absolute minimum to try and avoid repossession? Considering she has earlyrepayment charges of £5,000 + estate agents and fees?
If/when the house is repossessed can the lenders force herto pay the shortfall from her savings taking in to account the fact apart from herpension this will be all she has to live on?
Thank you in advance.