Asked by L Smith, London,UK • Fri Aug 22, 2008
We have a new 5/4.5 property with an outstanding mortgage balance of $750,000. the house was appraised last Oct for $1.4m , as it has'nt sold and has now been re appraised (by the bank) at $ 700 000, and is on the market still without any intrest. Due to curcumstances we are unable to service the mortgage etc any longer. we have been in discussion with the bank but today we received a letter of default notice from their solicitors. If this goes to forclosure and there is a shortfall in the balance will the bank pursue us in the Uk
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