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T O P I C R E V I E W
fredjn
Posted - 27 August 2009 : 12:54:20 Sorry to keep asking but every day something else pops into my mind. We are going to find somewhere to rent, then stop paying the mortgage ready to go bankrupt. So what do we say to estate agents about our situation? Do we mention our plans to go BR or just rent saying we are selling our home? Then when we have moved should we send the keys back to the mortgage company to hurry the repossession along?
Thanks in advance
2 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 27 August 2009 : 13:13:33 Don't mention to the Estate Agents that you are declaring BR. Tell them that you are relocating to take up a new job or something similar and that you want the 'quick sale' price i.e. you want to sell the house within 1 month.
If they follow-up once you have the valuation just say that you have changed your mind or the job offer fell through.
There is nothing wrong with sending the keys back to the mortgage company but they will want you to sign a repossession form. Read this very carefully as it normally has a shortfall clause that says something like you will pay any shortfall. You can either cross this section out and sign the form or not sign the form.
If you choose not to sign the form you will be chased by the mortgage company as it means that they will have to go to court to repossess the property and this will cost them money.
Jane.l
Posted - 27 August 2009 : 13:13:12 I lied and said we had sold our house and were now wanting to rent for a while
At that point, we were not bankrupt or in an IVA and so when I ticked NO on the letting agent's credit check question, I was not technically lying.
Most mortgage companies do not require keys back, they will change the locks, I would send them a letter explaining what you plan on doing
Sorry to keep asking but every day something else pops into my mind. We are going to find somewhere to rent, then stop paying the mortgage ready to go bankrupt. So what do we say to estate agents about our situation? Do we mention our plans to go BR or just rent saying we are selling our home? Then when we have moved should we send the keys back to the mortgage company to hurry the repossession along?
