Surplus Money after a repossession : LUSENET : Repossession : One Thread

Our home was repossessed by GMAC and subsequently sold. We have bee n told by eversheds solicitors that there is a substantial surplus. They have had the surplus for over a month now and are saying that they have to pay anyone with a claim on the deeds which is fair enough. But how long can they legally keep hold of the surplus?

-- Lance Blount (, October 06, 2004


they are obligated to pay the money without delay.What excuses are they using.Tell them that you will expect interest, make a complaint to the FSA. the mortgage code is winding up in end oct . The FSA will have real teeth to deal with these matters. They harrassed you now return the favour to them Good luck

-- roger watts (, October 06, 2004.

I am quite taken aback by this info. House repo + sold in 2003. The sol acting for lender paid some monies off debts in 2004 and told me in writing that they were holding onto a certain amount as two companies had not given them final figures yet. When checking credit files I noticed that the two debts that should of been paid were still listed as unsatisfied. I wrote to the sol and requested copies of exactly what was paid + when. Last week I recieved a letter from sol stating that the case was closed, in storage and if I wanted info (on my money!) I should pay them in advance to reopen case. Any advice appreciated. Thanks d

-- d (, February 18, 2005.

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