Sorry I got that wrong. They are selling at 70k less than the mortgage balance, I think. Scott will obviously have to confirm.
should read
Hi all,
Just to clear up the confusion, I bought the property for £230k, with a 110% mortgage.
So as they are selling the property for £70k less than the asking price I am responsible for the shortfall to which as you have pointed out I cannot pay.
Therefore I have written to the mortgage company informing them of their duty of care to me and that they should be marketing the property at a more reasonable asking price to maximise their asset, and to offset the majority of my debt.
If they fail to take action, and sell the property for the current price or less then I can appeal at first to the mortgage company, and then to the Financial Services Authority that they are in breach of their duty of care to me, to which if I lose the appeal I am no worse off as the appeal process is free and I will still owe the shortfall in mortgage anyway, but if I win then I can get the balance from the house sale price to what is considered a reasonable sale price written off my debt.
Either way I will still owe, although I am then going to petition that as I am a Tax Payer that I want to invoke that the deficit be included in the Governments Toxic Debt initiative, again funded by the Tax Payer.