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Answered 2009-02-08 12:42:21

At a push you'll probably be able to borrow from one that specialises in bad credit mortgages, but this will cost you considerably more.

If your lender sold your home for less than you owed on your mortgage plus interest and sale fees you can expect it to come after you for the shortfall.

According to the law in England, Wales and Northern Ireland, lenders have up to 12 years to start chasing you for the outstanding amount.

But those that are members of trade body The Council of Mortgage Lenders adhere to a voluntary agreement to act within six years.

In Scotland, lenders must usually act within five years.

But no matter where you live in the UK, if it's thought fraud was involved, there's no time limit for beginning recovery action.

And, whether your financial difficulties were your own fault or not, once your former lender has begun the chase to recover its money, there is no limit on how long it can keep after you.

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