Have a friend whose house was repossessed about five weeks ago. He is currently homeless with a wife and four children. He now has got enough funds to repay all arrears and costs to date and has approached the lender ( a high street bank ) to accept this and let him move back in. The current mortgage debt is only a few thousand below the proposed marketing price so there is every chance the house may be sold with an instant shortfall. The bank will only accept full mortgage repayment to let him have the keys back which clearly he cannot do. Are there any circumstances that the bank would agree to release the keys back on payment of all arrears and costs, bearing in mind that the lender may well sell ( under current market conditions ) at a shortfall?

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Looking at it from the banks pov - why would they let him back in? Before the repossession process began, your friend would have had ample chances to get the payments up to date. I think it is unlikely that once he is out they'd let him back in. I've been involved with hundreds of repossessions and I've never seen it happen.

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Hi Michael,
Unfortunately Banks are not the happy friendly 'do anything for you' people we see singing and dancing happy songs on our TV commercials so I doubt very much if they will give the key back under any circumstances - they would sooner accept the loss. The loss, and your friend, represent a 0.0001% on their balance books.
Even if they did accept him back, they would not remove the reposession order which means he could be evicted the day after he was late with just one payment without the need of going through the courts again - a situation wich would be intollerable security to live under.
His best bet is to try and start again.

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