Mortgage Shortfall

By on January 19th, 2016


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Property Payments

This case proved difficult. It was a father and son relationship, the Father acted as a guarantor for the son on the mortgage. The son could not maintain the property payments and the property was ultimately repossessed and sold in possession by the Bank.


The father and son where pursued for the significant outstanding balance and at first ignored correspondence from both the Bank and various debt collection agents. It is not advisable to ignore correspondence relating to Property Shortfall Debt. Lenders can pursue debtors for a minimum of 12 years for this form of debt! Ultimately, the Father & Son met with Bell & Company who quickly liaised with the Bank directly to achieve a far reduced settlement and end both of their liabilities.

Shortfall: £160,000  Settled for £13,000