shortfalls

[citizenB]

I wonder if anyone has any ideas regards the following.

 

 

I have a friend who was repossessed quite a few years ago.

There remains a shortfall on two mortgages which are being repaid at £5.00 a month.

One will take 380 years, the other 425 years .

 

Approaching 70 years of age and the repayments taken from an already stretched pension,

is it not unrealistic of the lenders to continue to insist these token payments are made ?

 

He has already used pretty much everything within the CAG library

to persuade the lenders to understand there is no hope of them ever being repaid but it is falling on deaf ears.

 

The only good thing currently is that they have ceased the relentless telephone calls and letters.

 

Is there anything that can be done that hasn't already been tried, to remove this burden.

 

I thank you

Edited March 2, 2016 by Andyorch
Removed Bankruptcy reference

[sillygirl1]

He should stop paying them, and set a counter challenge asking for all the paperwork relating to the alleged shortfall, especially if it was a sub-prime mortgage.

 

I think that if it went back to court the Judge would say the company had had enough time to try and collect and as he is now retired there is little chance of an increase in payment, and in fact might even decrease the payment.

 

It is a difficult decision but if you stick to your point that when the property was repossessed it was sold at a shortfall - which repossessing was supposed to stop in the first place.

[citizenB]

Thanks SG, I will pass that on.

[MadScouser]

Wouldn't the bankruptcy have already taken care of the shortfalls, or were papers signed keeping the shortfalls active?

[unclebulgaria67]

I suspect the shortfall was not known at time of bankruptcy and it was not included. The mortgage company waited until later before asking for money.

[MadScouser]

It shouldn't matter, so long as nothing has been signed accepting the shortfall after bankruptcy the shortfall should fall into it.

[citizenB]

Wouldn't the bankruptcy have already taken care of the shortfalls, or were papers signed keeping the shortfalls active?

 

I suspect the shortfall was not known at time of bankruptcy and it was not included. The mortgage company waited until later before asking for money.

 

 

Now this was my thinking - I will try and get some more information regarding the bankruptcy. Thanks

[citizenB]

Information in the first post is incorrect - there was no bankruptcy - only the repossession. My apologies.

 

Apparently BR was considered but advised against.