Question for Maria

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26 Jul 2011 00:00 by manorpark Star rating. 165 posts Send private message

manorpark´s avatar

I saw this posted on Maria's blog and hope she can clarify this for me.

On the 1st of July, the government approved the decree by which minimum value estate assets can be repossessed by Banks is of 60% of valuation for mortgage.

Does this mean the valuation given to the property when the mortgage was taken out or a new valuation made by the bank ?

As a lot of properties were overvalued by the banks when mortgages were arranged I can't see the banks being keen to pay 60% of their own valuation as so many properties have dropped in value.

If it is on the initial valuation this would be of some comfort to those facing reposession who are worried that may only get a fraction of their property's value at auction.

What would happen if there were no bidders at the auction ? Can the bank take the property for any value they choose ?

Hope you can answer these queries Maria.

Thanks

 

 

 

 





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