Halifax mortgage- repossession not met outstanding money from sale

[rosemaryednam]

Hi could anyone out there help me with this? My husband had a house that he mortgaged with his X-wife before we met. This house was repossessed and sold but the sale did not meet the outstanding mortgage on the property. We have had letters but not responded to them over the last 10 years and last week we had yet another. Could anyone gilve us advice on what to do now? The letter says that our client is sympathetic to your situation and any reasonable offer which may now be made by you will be given serious consideration. The people writing the letter are called HL Solicitors of HL interactive. Please Help!!!!!!!!!!

[rory32]

This link may be of interest, particularly the last bullet point under "How long can I be pursued for the debt?" Debt Factsheets - Mortgage Shortfalls

 

I would advise that you read it all the way through though as there is lots of useful information in the factsheet.

 

Do you know if his ex-wife been contacted regarding the shortfall?

[rosemaryednam]

as far as we know X-wife has not been contacted about this shortfall. We have been told that the shortfall should be split between my husband and his X though. Do you know if this is correct?

[Pen]

Would the debt not be time barred after 10 yrs as with any other consumer debt??

[gizmo111]

Would the debt not be time barred after 10 yrs as with any other consumer debt??

 

No debts on land are 12 years.

[rosemaryednam]

not sure but definitely need advice on what to do. The last time a payment was made on the mortgage was July 1995 and was repossessed Jan 1996. My husband had put house up for sale but Halifax insisted on repossession and would not wait for sale. Endowment mortgage for 27,000 with 2,000 deposit. House was auctioned and sold for lot less than other houses in the area were selling for at that time.

[rosemaryednam]

please help anyone! we don't know what to do for the best outcome. can someone give us some good advice?

[rosemaryednam]

This link may be of interest, particularly the last bullet point under "How long can I be pursued for the debt?" Debt Factsheets - Mortgage Shortfalls

 

I would advise that you read it all the way through though as there is lots of useful information in the factsheet.

 

Do you know if his ex-wife been contacted regarding the shortfall?

Thanks for that Rory have been reading but need to study a bit longer

[rory32]

We have had letters but not responded to them over the last 10 years and last week we had yet another.

Is your mortgage lender a member of The Council of Mortgage Lenders? And when roughly did they first contact you regarding the shortfall? Have they sent you a breakdown of the debt?

 

It would appear that capital can be pursued for 12 years but interest can only be persued for 6 years.

[rory32]

Looks like they are getting very close to the 12 years which is why they are getting twitchy.

[moneymania]

if your last contact with them was Jan 06, then by Jan 2008, the debt would be time barred. that's providing you don't acknowledge the debt from now till jan 08

[rory32]

My husband had put house up for sale but Halifax insisted on repossession and would not wait for sale. Endowment mortgage for 27,000 with 2,000 deposit. House was auctioned and sold for lot less than other houses in the area were selling for at that time.

This seems at best unreasonable. I would definately give the Insolvency Helpline a phone or National Debtline.

[rosemaryednam]

There has been no letter of breakdown explaining why the money is owed etc. Just the letter that basically says pay up! Do you know what might happen if we just ignore it or are we better asking for copy of mortgage agreement and detailed transactions. My husband wants to request sar, but I am not sure whether that will just open can of worms. What do you think?

[moneymania]

you could send am SAR request but make sure you indicate that you do not acknowledge the debt. You never know, they may owe you more than you owe them

[rosemaryednam]

I don't know whether Halifax is a member of the National Council of Mortgage Lenders. I wonder if anyone else knows?

[rosemaryednam]

you could send am S.A.R - (Subject Access Request) request but make sure you indicate that you do not acknowledge the debt. You never know, they may owe you more than you owe them

Thanks moneymania! I might send sar then but I will put outline of letter on here before I send it to make sure I get the wording right and to see whether I can improve on it. Thanks again!

[rosemaryednam]

Gizmo111 What are your thoughts on this one could we have the benefit of your advice?

[rory32]

Rather than send a SAR, as they may put the £10 against the account, why not just use the following which wouldn't require any payment:

 

Breakdown of Balance owed

Your name:

Your address:

 

Name of Creditor:

Address:

 

Date: ...../...../.........

 

WITHOUT PREJUDICE

Dear Sir/Madam

Account No.

Thank you for your letter/telephone call concerning the above account.

I do not acknowledge the claim. Please supply me with a full breakdown of the balance claimed under the above account.

In order for me to deal with the matters you raised, I should be grateful if you would supply me with answers to the following points;

• When did the arrears begin?
  
• when was the last payment made on the account?
  
• when was any Possession Order given?
  
• when was the house sold?
  
• what valuations were made on the property before the sale?
  
• what costs were involved in maintaining the property during the period between the repossession and the sale?
  
• how was the house marketed and sold and at what price?
  
• what costs were involved in selling the property?
  
• has a claim been made against the indemnity insurance and how much was recovered?
  
• how has interest been calculated from the start of the arrears?

Please supply me with a full breakdown of the balance claimed under the above account.

[rosemaryednam]

No debts on land are 12 years.

Have you any thoughts on what to do Gizmo111?

[rosemaryednam]

Rather than send a S.A.R - (Subject Access Request), as they may put the £10 against the account, why not just use the following which wouldn't require any payment:

 

Breakdown of Balance owed

Your name:

Your address:

 

Name of Creditor:

Address:

 

Date: ...../...../.........

 

WITHOUT PREJUDICE

Dear Sir/Madam

Account No.

Thank you for your letter/telephone call concerning the above account.

I do not acknowledge the claim. Please supply me with a full breakdown of the balance claimed under the above account.

In order for me to deal with the matters you raised, I should be grateful if you would supply me with answers to the following points;

• When did the arrears begin?
  
• when was the last payment made on the account?
  
• when was any Possession Order given?
  
• when was the house sold?
  
• what valuations were made on the property before the sale?
  
• what costs were involved in maintaining the property during the period between the repossession and the sale?
  
• how was the house marketed and sold and at what price?
  
• what costs were involved in selling the property?
  
• has a claim been made against the indemnity insurance and how much was recovered?
  
• how has interest been calculated from the start of the arrears?

Please supply me with a full breakdown of the balance claimed under the above account.

Yes thanks that is a good suggestion I will use that. Do you think it is better to hang on untill the 12 years are up though or just write the letter and hope for the best. I suppose it could take a while for them to retrieve the information requested couldn't it?

[moneymania]

you should use our own template letters. just amend to suit your individual needs, also add the 'I do not acknowledge the alledged debt' bit.

 

I would of thought the Halifax would be

[moneymania]

sorry guy's and gals, you keep posting 2 or 3 post's to my 1. I'm a bit slow at this. :D

 

if you can get away with getting the info without having to send any money, that would be benificial to you. but they could just ignor you, which would benifit you anyway.

[rosemaryednam]

It's not that we don't want to pay we have other debts so cannot afford to pay. Also, as far as we know X wife has not been contacted and that is what is really aggrevating us. After all the mortgage was joint so therefore the debt is joint. If we knew that she was paying then we would make an effort to pay something but as I say our outgoings out-way our incomings as it is.

[rosemaryednam]

sorry guy's and gals, you keep posting 2 or 3 post's to my 1. I'm a bit slow at this. :D

 

if you can get away with getting the info without having to send any money, that would be benificial to you. but they could just ignor you, which would benifit you anyway.

No problem I am going to have to sleep on it now anyway. Thanks for input!

[rory32]

I suppose it could take a while for them to retrieve the information requested couldn't it?

Exactly.

 

You need to have all the info required to show that they have acted properly (it would appear that that may not be the case).