Losleones wrote:It's been mentioned Tom will end up footing the bill for the security & as much he should, can't see that happening. The creditors took ownership from 02/07/15 so how could they invoice Tom there onwards?
They don't invoice Tom. They sell the property and deduct all their costs and expenses incurred in selling the property as per their mortgage contract. The Crawfords get what is left over, or, as seems likely in this case, a bill for the balance. The security contract will have been between B&B/UKAR as owners and some security firm, but it is a deductible cost. This is why all along we have been saying that the actions of the Crawfords and their supporters is just costing the Crawfords money.
Here is the scenario where normal, sensible people get into this situation:
End of mortgage term but owe £45k. Get summons for repossession.
Go to court.
Say, sorry judge we got it wrong. We'll keep paying the interest only and put the house on the market at a sensible price.
No judge in England is going to say no at that point.
Judge will make order saying I'll give possession but suspended while you pay mortgage and try to sell house. Review in six months.
Six months down line.
Not sold house but have inherited another. Going to sell other house and pay off mortgage, will keep up mortgage interest payments in meantime.
Judge asks if everyone is happy that inheritance is sensibly priced and their cut will pay off mortgage. Likely is, everybody happy-ish, come back in six months.
Six months time, case has already been dropped, one of the properties was sold, everyone is straight with each other moneywise. Borrower still has a house. End of story.
"There is something about true madness that goes beyond mere eccentricity." Will Self
