Tue 29 Jan 2008
Once you have been evicted and house repossession has taken place then the property belongs to the lender. The lender will put it up for sale with the hope of getting back what they have lost through what the homeowner owed on the mortgage. However in some cases the price the property is sold for will not cover what the individual owes on the mortgage.
Even though your house has been repossessed and you have been evicted you will still have to maintain the mortgage repayments until the lender finds a buyer for the house and the sale goes through. The charges which you will still have to pay by law include any arrears on the mortgage, the monthly mortgage repayments, any charges for payments that are missed and outgoings associated with the property including insurance. Usually selling a property can take a long time but you will still have to maintain these payments until the final house repossession sale regardless of the fact you no longer live on the premises.