7
Jul
Jul
Have a friend who had his home repossessed at the end of Might this year. He has the money to pay all arrears and costs but the lender just wants to sell the house. The house still has all his worldly goods inside …. and he is bent on paying the mortgage lender all arrears and costs ( by electronic payment into his mortgage account )and just moving back in with out permission ( he has access via a window ). IF he did this, exactly what offence is he committing? Would he be technically 'squatting' and what action may ensue?
Answer:
If the house was legally reposessed then he'd be trespassing / breaking and entering. The lender probably does not want his business any more if he breached his mortgage contract.
Why doesn't he just purchase it when it goes to auction - they always sell for a knockdown price.
Answer:
If his home was legally repossessed then he can’t move back in even if he paid the arrears. The home technically no longer belongs to him. By the way he’s still responsible for the arrears and any difference between the sale price and what’s owed on the mortgage.
Answer:
That's interesting - I'd like to know who the lender is - he needs to get some legal advice pronto ! Try citizens advice. Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList
This entry was posted
on Monday, July 7th, 2008 at 5:27 am and is filed under Personal Finance.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or TrackBack URI from your own site.