Mortgage Shortfalls Still Repayable For Up To 12 Years

07 April 2012

If you have had your home repossessed over the last 12 years, you could have to pay out for any shortfall (including agents and solicitors fees) once the house has been sold by the lender.  One lady handed back her keys, after splitting up from her partner and not being able to afford her repayments with only £1,500 arrears.  She thought this was the end of the saga but ten years later she got a letter from her lender stating that she owed a further £24,000 being the shortfall, including accrued interest.    She wrote to the lender stating that she was not working and could not afford to pay anything and as she did not hear back from the lender, assumed that that was the end of it.  Five years later, she received a further letter stating that the arrears had increased to £30,000.  She eventually got the help of a debt management company, who managed to agree a full and final settlement figure with the lender which ended her ordeal.

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