Legal advice on residual debt and foreclosure sale


Questioner

The bank made a calculation after the foreclosure sale and now insists on having too high an amount per month. How do I know that what they calculate is correct? The mortgage would continue for another 20 years, but they want the residual debt in 8 years. Is this possible? What are the legal rules regarding residual debt?

Lawyer

In the event of a foreclosure sale, there is a breach of contract and the entire claim is claimed. In principle, the entire debt must be repaid in one go. By agreeing a term of 8 years for this, the bank is in principle already meeting you halfway, even if it does not feel that way. There are no legal rules on the repayment of residual debts, but a bank must comply with the rules regarding its duty of care, which are laid down in the Code of Conduct for Mortgage Financing. Under certain circumstances, the bank can be held partly liable for the creation of the residual debt, for example by providing excessive financing or organising the foreclosure in such a way that the highest possible proceeds are not achieved. It may be worthwhile to investigate whether the latter may be the case. If it can be demonstrated that the bank has not fulfilled its duty of care, other agreements can be made about the repayment of the residual debt or it could perhaps be cancelled in whole or in part.

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