Re: mortgage woes
Originally Posted by
Jimmy
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I must admit, I'm lost here, how can someone have their house repossessed and get a 90to 100k lump sum for it?
Unless things have changed when we were repossessed back in the 80's they take your home and auction it, it doesn't go for the highest price by a long chalk, ours was bought for £15,000, we had a mortgage of £30,000 so had to find the difference. If we had sold it we could have got £45,000 which would have left us better off.
This is why I am suggesting Martin seeks proper advice we took advice from the wrong source and lost a lot of money leaving us homeless. On the face of things if Martin has equity of that sort of figure he would be best selling up and not being repossessed. But with out all the information and facts before us we cannot advise him sensibly. Some thing UJ should understand if he has been what he says he has.