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Scottish Trust Deed Forum
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Topic starter
04/01/2013 12:07 pm
I am at the end of my trust deed and the only thing left to pay is the £300 for my nominal payment which will be paid by March. However my house is being repossesed at the end of this month and I am wondering how this will affect tmy trust deed as I do not want to risk anything happening since I am at the end. Part of the reason for the repossesion is that we just cannot afford the house anymore, we have been struggling for quite some time and have came to the decision that it would be better for us to rent from the council rather than own our home, I would rather be able to get by comfortably than struggle each month.
Any advice would be appreicated
04/01/2013 12:53 pm
Hello mum1022 and welcome to Trust-Deed.co.uk.
I'm not sure that this will have any negative effect on your trust deed necessarily.
Do you expect for a significant "shortfall" to be created? This would happen where the mortgage lender sells the property for less than remains owing to them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/01/2013 3:21 pm
Hi, yes there will be a shortfall, but my trust will be finishing at the same time as the repossession.
10/01/2013 3:27 pm
Hi mum1022.
Is your trustee aware of this repossession and the potential shortfall?
It's pretty important that you let them know ASAP if not.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
