Mungo "two sheds" Toadfoot wrote:
Never having bought a house I know very little about property law. I
am researching the options available to someone who is undergoing the
repossession of their house due to non-payment of the mortgage. Could
they quickly sell the place, buy somewhere smaller and pay off the
outstanding debt with the "profit", or would the building
society/bank not allow that? Could they sell the place and just walk
away with the profit, assuming there was any, or is the house
"frozen" once repossession has started?
What are the options open to a family if they have no option but to
allow the repossession to go ahead? Would they be immediately
eligible for local authority housing?
Anything else of interest regarding the above?
Nothing to do with DIY. Try the law related newgroups