Sorry to hear this. It's really terrible to do this to people who have already suffered a great deal. Do you mind telling me if they chased you for the shortfall?Yes we had a similar experience with an apartment that was repossessed and then left idle for years so much so that it significantly devalued. We cooperated the whole time and offered to forward the rent minus reasonable expenses to EBS but they had none of it. Instead opting to repossess it and leave it empty for almost 5 years incurring significant penalties and interest so much so that there was almost the same amount of debt outstanding after the apartment was sold as when we entered arrears!
Its ridiculous that they didn't bear any of the brunt of leaving it dormant for years.Yes the vulture chased the residual, well we chased them to deal with it as it was just in limbo accruing penalties and interest until we forced them to make some decisions and have it delt with once and for all.
In my friend's situation the bank said that they were fully expecting her to cover the shortfall. All of their costs have been added to her debt. They took control away from her when the property was rented and then they left it dormant and didn't bother doing anything with it. I wouldn't be surprised if there will be some pushback now that they appear to be taking action on the properties again. I wonder what position a judge would take if they tried to sue someone for the shortfall when they didn't mitigate their own losses.When people get to this unfortunates situations. When house are in repossession and not sold on rapid or in some cases left for years is the owner picking up the cost !!!! Or is the bank showing this cost elsewhere in the books .. . I doubt the bank are loosing to this. ....
How did you force them?Yes the vulture chased the residual, well we chased them to deal with it as it was just in limbo accruing penalties and interest until we forced them to make some decisions and have it delt with once and for all.
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