Sale of mortgaged property against lender`s wishes
Sale of mortgaged property against lender`s wishes
- 1992
- Times 7 August 1992, L&T9(10) .
"Palk v Mortgage Services Funding plc" CA 31 July 1992. It was held that the court did have discretion under Law of Property Act 1925 s91 to order the sale of a house, even though the mortgage could not be redeemed completely by the selling price. The mortgagor should not have the burden of servicing the debt while the mortgagee speculated on an upturn in the property market.
ARREARS
HOUSING MARKET
LAW OF PROPERTY ACT 1925 S91
MORTGAGE PAYMENTS
MORTGAGEES
MORTGAGES
NEGATIVE EQUITY
POSSESSION
REDEMPTION OF MORTGAGE
"Palk v Mortgage Services Funding plc" CA 31 July 1992. It was held that the court did have discretion under Law of Property Act 1925 s91 to order the sale of a house, even though the mortgage could not be redeemed completely by the selling price. The mortgagor should not have the burden of servicing the debt while the mortgagee speculated on an upturn in the property market.
ARREARS
HOUSING MARKET
LAW OF PROPERTY ACT 1925 S91
MORTGAGE PAYMENTS
MORTGAGEES
MORTGAGES
NEGATIVE EQUITY
POSSESSION
REDEMPTION OF MORTGAGE