what happens after property sold

greenspun.com : LUSENET : Repossession : One Thread

My house was recently repossessed but has now been sold. there is no shortfall Am i correct in thinking that the profit comes back to me?

-- gail shepherd (gailshepherd2@hotmail.com), April 25, 2003


Yes, any surplus reverts to you.............BUT.......are you sure there is likely to be a surplus? Not only will you have to bear the original mortgage debt on repossession, but the interest between repossession and sale - the solicitors and the repossession costs, and the estate agent who sold it costs (which can be quite hefty, like 500 for changing locks alone).

If you are sure there is a surplus, contact the solicitors who dealt with the repossession summons to find out what the situation is. I suggest that you do not give them your existing address because if there is a shortfall unbeknown to you, you will have told them where to come back to you to pursue you! A very carefully worded telephone call is the first step!

Hope you are right - hope you have lots left over!

Keep us posted please!

-- David J. Button (davidjohnbutton@supanet.com), April 26, 2003.

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