house repossesion

[BOBSSHOES]

if a property as been repossesed how many years can the lender keep on asking for final payment

bob

[buildersmate]

Don't understand your question. Do you mean if there is still a sum outstanding on the mortgage after the house has been sold following repossession by the lender?

[Buenchico]

There are a lot of 'ifs& buts' which can be added to the answer to this question but the basic rule is that the debt continues to exist until it's paid although the lender's right to pursue recovery of the debt, through the courts, ceases after 6 years.
(So, the lender won't have much chance of getting any money from you after 6 years but, because the debt hasn't been paid, you might find that you won't be able to get any credit until you've paid off the debt).

Note, however, that if the lender obtains a court order against you during the 6 year period, the expiry of the 6 year period does not cancel the court order.

Chris

[stanleyman]

A mortgage deed is a speciality contract and the time limit is twelve years from when the debt became due.

http://www.propertylawuk.net/mortgagelimitation.html