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If your lender has repossessed the property by court order, or if you handed the keys to the property, you can see how much you will be liable to repay. However until the property is sold that is not obvious. However, the deficit is apparent that we can advise you how best to cope.

It is the responsibility of the borrower to continue paying the monthly mortgage repayment (including principal and interest), and continue to provide and maintain and repair the property until it is sold. Many repossessions occur in an economic downturn just as the prices of goods are down too. Thus, while the lender has a duty of care "for you to get the best possible price for the property and keep any potential loss of their share to a minimum, this can be very difficult in a market that has an asset decreases. Many lenders are now making the rental property for six to twelve months.

When the property is sold, the costs of sale such as lawyers and real estate agents are taken from the proceeds of the sale and mortgage redeemed. If there is something cooler and second are discarded. When all available funds have applied all that remains unpaid will be known as the deficit of mortgage. In a falling market, as we have at present, it is not uncommon to have deficits of up to £ 50,000

If there will be a shortfall or the lender may sue for this or, more likely, ask to be able to enforce a money on the recovery.

There are different rules for how long time the lender may take to come after the debtor for the shortfall. If a capital deficit, and under the terms of the Act, the lender can still take steps to recover the shortfall for those under 12 years. However, that being said, many lenders have signed the Council of Mortgage Lenders' code that confirms that they will not take steps to recover the deficit over six years. This is the same length of time they have to recover interest on the loan.

If you do not know how much money you have or from the time such liability is, you should take advice.

If you can not afford to pay the shortfall in its entirety, then there are possible solutions: -

• Offer a lump sum in full settlement and final. It is possible that if lenders can be convinced that this will be all that can be obtained to make them the offer. Make sure you get it in writing and marked "full and final settlement"
• If there is no chance to pay the lender's liability can completely cancel the debt
• Bankruptcy may be the only option for very large deficits and we take a large number of people through the process because of mortgage losses.

We deal with many people who have suffered significant deficits mortgage. If you think you might need our help, call 0808 160 5577