About Mortgage Finance Shortfalls UK
Mortgage shortfalls are debts that are left over after the sale
of a property fails to realize enough money to pay off the mortgage
on the property. This usually occurs in property downturns
where negative equity prevails. Often the lender may have repossessed
the property due to mortgage arrears, or simply due
to the owner-occupier giving up!
If a property downturn is in force the amount
that the repossessed property
gets sold for could be quite low and the sale will be out of the
hands of the owner-occupier whose mortgage the name was in.
Mortgage Shortfall repossesion
More often than not repossessed properties
are sold at public auction
just at the point in time where the public at large are sickened
falling property prices and have little appetite to buy.
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