Question for Judge Dreed (or similar guru)

Discussion in 'Finance, Property, Law' started by mrwilky, Dec 31, 2009.

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  1. Hi there, am new to posting on ARSE but a regular reader of the forums. Hopefully 1 of the law gurus out there can offer me a bit of advice.

    To explain briefly, split up with wife, got divorce, sold house with the permission of Morgage company but for a large shortfall (both mortgage and securesd loan). Because there was a mortgage shortfall and secured loaan will they die with the sale of the house or will they chase me for the rest of my life to pay them because they are now not secured on anything. Its been 3 months since the sale of house and iv had a letter from mortage company saying basicaly "thanks that concludes our buisness" but nothing to chase me for the shortfall - what do u sugest i do now.???

    any help or advice much appreciated. :? :? :?
     
  2. phone the mrtgage company and ask them
     
  3. Is the loan from the same company as the mortgage? If not, do they also know you have sold up? There should be something in correspondence with them - you still owe the money and unless advised in writing must keep same repayment schedule. I don't know what happens if they're after alternate security for it: as you seem a bit short of assets, you may need to find a guarantor. Agree with previous post that you need to check with mortgage company that you have paid off everytimg you owe - and get it in writing.

    As mentioned on other financial threads, go to CAB if you're at all unclear what's going on.
     
  4. Grownup_Rafbrat

    Grownup_Rafbrat LE Good Egg (charities)

    Surely the lawyer who did your conveyancing will know the situation?
     
  5. The period under which such sums are recoverable is limited under section 20(1) Limitation Act 1980 to twelve years from the date in which the mortgagee's right to receive that amount accrued.

    Where joint and several liability exists in respect of the loan, the mortgagee may pursue either or both parties to the loan.

    See also sections 29 to 31 of the Act in which acknowledgement or part payment may have the effect of extending the limitation period.