Legal Question in Credit and Debt Law in United Kingdom
need some advice on mortgage shortfall debt
my husband has had a county court letter re a mortgage shortfall debt from his previous relationship, we need your advice what to do we have a mortgage on our former council house, his ex has declared bankruptcy, leaving the debt to him where do we stand with our house . this debt is from repossesion he thinks from twelve years ago approx.
1 Answer from Attorneys
Re: need some advice on mortgage shortfall debt
actions through the court for recovery of monies owed from a mortgage must be commenced within 12 years of the debt arising. Otherwise the debt is unenforceable. Therefore the dates here are a critical.
There is little doubt that the collection agency who will have acquired the debt from the mortgage company will settle for more or less anything you offer. This should be considered that it may well be the new would prefer to consider all options open and if so please contact us whereupon we will be pleased to discuss matters with you by telephone.
Andrew Dutton
Legal Zone
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