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Home repossession query

  • 11-03-2012 02:20PM
    #1
    hiltonhater
    Registered Users, Registered Users 2 Posts: 144 ✭✭


    If a house is in arrears of a lot with the bank and they repossess, does the current value of the property come off the 'mortgage' amount meaning the owners pay the difference or are they liable for the entire mortgage as well as the loss of the property?


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,192 ✭✭✭3DataModem


    hiltonhater wrote: »
    If a house is in arrears of a lot with the bank and they repossess, does the current value of the property come off the 'mortgage' amount meaning the owners pay the difference or are they liable for the entire mortgage as well as the loss of the property?

    They repossess, they sell. Whatever's left after costs comes off the mortgage. If there's a shortfall then you are liable for the balance. If there's a surplus then they'll give this to you.


  • #3
    hiltonhater
    Registered Users, Registered Users 2 Posts: 144 ✭✭hiltonhater


    thank you so much for the information :)


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