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Is I understand it, if a house is repossessed in the UK, the lender only gets to keep the balance owed, not the full price. While that may include plenty of fe
by benj111 8y ago
Is I understand it, if a house is repossessed in the UK, the lender only gets to keep the balance owed, not the full price.
While that may include plenty of fees etc, theres limited upside.
- tomatocracy 8y agoWhilst that's true, there are some potentially sketchy practices which it theoretically permits (in reality if the lender is regulated it's unlikely they'd risk them these days but in the small business lending sector you can find examples by googling "RBS GRG West Register"). This classic example is lenders forcing an auction into which they know the only likely bidder is a related company of the lender.