mortgage shortfall?

Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends. However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall. This also include s the monthly installments and interest that has been added on to the debt until the house is sold, plus legal and estate agent's costs. You can still be asked to pay back a shortfall a long time after you left the house as mortgage lenders may try to pursue a shortfall debt up to twelve years afterwards. See below for details of when the time starts running.