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Original poster

Squatters in repossesed house..

6 replies

charliecat · 13/04/2006 19:04

My best friend whos house was repossessed in Feb has just heard from a neighbour that theres squatters in there.
Is that a problem for the bank now? Does anyone know?

OP posts:

Original poster

charliecat · 13/04/2006 19:59

noone?

OP posts:

Original poster

charliecat · 14/04/2006 11:08

bump..

OP posts:

AngelaD · 15/04/2006 20:12

It's the banks problem now

expatinscotland · 15/04/2006 20:14

The house is the bank's property. It is therefore their problem.

Original poster

charliecat · 16/04/2006 11:57

ah, thank you. Good to know :)

OP posts:

Freckle · 16/04/2006 12:37

It could actually be your friend's problem. If the property was repossessed, it is presumably now in the process of being sold to recoup the bank's loan. If squatters prevent the property from being sold or damage the property and therefore its resale value, then the proceeds of the eventual sale may not cover the bank's loan leaving a shortfall. The shortfall will be your friend's responsibility. And don't forget that interest continues to accrue on any outstanding mortgage until it is repaid - unless the lender has agreed to freeze the interest.

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