Hi, We have spoken to CCCS who advised that BR would be a good option for us. We will be leaving our mortgaged house in a couple of months and moving into rented. We are not going to pay the mortgage from this month. Do we send the keys back to the mortgage company with a letter telling them we can't afford the mortgage anymore - or do we just leave it until the mortgage comp repossesses?? we are hoping to go BR around September time. Thanks
Once you leave the property you will be chased by the mortgage company to sign a voluntary repossession form. It is fine to sign this however you need to cross out the 'shortfall' section. This states that you will still be liable to any shortfall in your mortgage when the property is sold. This would be the case even if the shortfall is included in the BR.
If you want a clean break from the mortgage company then nearer the time let them know you are giving up the property, sign the voluntary repossession form (crossing out the shortfall section) and then post it with the keys back to the mortgage company recorded delivery.
CCCS advised that BR would be a good option
Posted - 01 June 2009 : 10:45:11
