can the lender reposess my residential property ?

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tom.d

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Post by tom.d » Sat Jun 28, 2008 12:19 am
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I have a piece of land upon which there is secured borrowing of £125,000 but which is now only worth 85,000. I cannot aford the monthly repayment, can the lender reposess my residential property to satisfy the shortfall?
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Viki.W

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Post by Viki.W » Sat Jun 28, 2008 12:39 am
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Hey tom, welcome to the forum, an expert will be along soon to help you. Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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jpj

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Post by jpj » Sat Jun 28, 2008 6:55 am
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Hi Tom
welcome to the forum.

Im sure they can reposess the land (same as if it were a house) but only if you stop repayments and they reposess it. If they couldnt reposess they wouldnt have gone to the trouble of securing their loan over it!

They would probably then auction it ,and any shortfall you would be liable for!
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