Mortgage Shortfalls

Advice On Mortgage Shortfalls

Home
Debt Management Companies
Student Money Guide
Debt Settlement
IVA UK
Apply For IVA
How To Go Bankrupt
Government Debt Solution
How To Negotiate Debt
Borrow Money/Loans
Home Budgeting Software
Free Budget Worksheets
Online Gambling Debts
National Debt Helpline
Direct Payday Lenders
Articles








To Advertise On This Site Please Contact Us



Debt Negotiation Guide:

Stage One
Contact Creditors

Stage Two
Prioritise Creditors

Stage Three
Financial Statement

Stage Four
Make Offers




UK Debt Help: Get Debt Help with 123 Debt Solutions







Popular Pages:

Debt Management:

How Do I Consolidate My Debts

Debt Consolidators

Debt Management Firms

Debt Management Counselling

Free Debt Management Plan

Debt Management Programme

Debt Management Helpline

Debt Management Schemes

Consumer Debt Management

Online Debt Management

How Can Debt Management Help You?

Bankruptcy:

How To File Bankruptcy

Bankruptcy Rules

Bankruptcy Questions

IVAs And Trust Deeds:

IVA Debts

Individual Voluntary Arrangement Bankruptcy

IVA Or Bankruptcy

Get IVA

Information On IVA

Individual Voluntary Arrangement UK

IVA Debt Solutions

Debt Advice IVA

IVA Debt Solution

IVA Credit

IVA Insolvency

IVA Remortgage

What Is IVA

Scottish Trust Deeds

Trust Deeds Scotland

General Debt Advice:

Self Help Debt

Write Off Debt

Debt Written Off

Sample Settlement Of Debt Letter

Free Sample Letters To Creditors

Bailiffs And Council Tax

County Court Claims

Debt Limitations

Mortgage Shortfalls

Money Saving Techniques

Christian Debt Solutions

Government Debt Advice

Government Debt Management

Unclaimed Money For Free

Scottish Debt Advice

Debt Specialists

Clear My Debt

Free Printable Budget Worksheets

Personal Financial Statement

Doorstep Loans

Do It Yourself Debt Negotiation

123 Debt Solutions Reviews

Approved Debt Solution

Payday Loans

3 Month Payday Loans

Compare Payday Loans

Instant Payday Loans UK

Online Payday Advances

Payday Loans Lenders

Payday Loans No Credit Checks

Payday Loans With Bad Credit

UK Payday Loans

Urgent Payday Loans

Help To Consolidate Payday Loans

Private Bad Credit Lenders




Dealing With A Mortgage Shortfall

Apply For Debt Help Now By Completing The Online Form At The Bottom Of This Page

Or View The List Of Recommended Debt Companies

What Is A Mortgage Shortfall?

Mortgage shortfalls affect a lot of people as it only takes a slight change in circumstances to make it difficult to keep up with mortgage payments. There is always the possibility that the bank can repossess your home if you fall behind, and this is a worryingly frequent occurrence. Unfortunately people tend to get in a position where they cannot afford to pay their mortgage any longer. When they stop paying on the house they risk the house being repossessed by the financial company.

Usually a finance company will try to work with you so you can afford the payments on your house. There are situations where this is often impossible for you, however. Maybe you lost your job or you became ill and could no longer work. Many things can happen that can affect your payments. When you get into this situation and your house is repossessed the finance company will sell the house. If they do not get enough money to satisfy the loan you are still liable to pay the remaining money due. This is a mortgage shortfall.

What To Do About Mortgage Shortfalls

Mortgage shortfalls can follow you for many years. The statute on the loan company collecting is 12 years, which is a long time to have something following you. They have the right in the 12 years to take you to court to collect their money. If you are taken to court, the courts can force you to make payments. They will set a payment arrangement up for you. The courts can take the money directly from your bank account or pay check.

You should always try to pay mortgage shortfalls off if you can. The finance companies should be willing to work out some sort of payment arrangement with you. Since they repossessed your home because you could not afford the payments, the financial institution will already know what kind of a predicament you are in.

Having a loan company be able to collect on a mortgage shortfall for such a long period of time is not good for you. If they happen to leave you alone for up to 12 years then they then have the right to sue you. Once the 12 years is up they have no rights anymore because the statute is up on the debt. They cannot take you to court or pursue you in any way. If they still attempt to take you to court after this period you can write to them explaining the statute is up on the shortfall. They should then drop everything. If the courts allow the dispute into their courts it should be thrown out immediately.

Things change if you pay on the mortgage shortfall in those 12 years. If there is a joint owner of the property and they make a shortfall payment, the banks have the right to take further action. It is important that you either decide to try to pay the mortgage shortfalls or do not do anything. If you can handle the shortfall hanging over your head for such a long period of time, you could choose not to pay.

Sometimes, however, you have no choice. Your financial situation may be dire and you have no other recourse but to not pay. If the bank comes after you to collect on the mortgage shortfall before the 12 years is up you will probably have to go to court. The court will look at your finances and decide what to do about payments. They may take money from your pay check to pay off the mortgage shortfalls.

The Limitation Act 1980 is what gives you the rights that you have. They say that a bank or other financial institution can only pursue you for mortgage shortfalls for 12 years. If no attention is paid to the mortgage shortfall in 12 years, the financial institution can no longer collect on it.

It is always a good idea to pay the shortfall off as soon as is possible. This is not something you want following you for such a long period of time. There are situations where you have no choice but to let it go. If you lose your job and cannot pay that is a reason for not making any payments. Otherwise you should keep up payments so as not to have something follow you for such a long period of time.

UK residents can apply for debt help now using the online form below. Alternatively, view the main debt companies page for a list of recommendations for the best debt management companies.








Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident


protected by copyscape


Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.