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 would you advise to hand back our keys
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mum-t
Starting Member



7 Posts

Posted - 21 November 2009 :  09:22:59  Show Profile  Visit mum-t's Homepage  Reply with Quote
would you advise to hand back our keys to the mortgage company (no arrears on the mortgage) but we have a secured loan if the house is handed back we were told the loan would then become unsecured and would then go in with the bankruptcy - we have found a house to rent shall we just go for it

gettingoutofdebt
forum expert



2418 Posts

Posted - 21 November 2009 :  11:44:18  Show Profile  Reply with Quote
Does the property have any equity in it? If so then the OR will want this so you should keep the house until you declare BR and then advise the OR you want to give it up.

If the property is in negative equity then you can give it up but you need to make sure you do not sign anything that mentions you will be liable for the shortfall.
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chester2005
Average Member



United Kingdom
786 Posts

Posted - 21 November 2009 :  12:43:32  Show Profile  Reply with Quote
some Building Soc's will not accept the keys without you signing the form that states you will accept liability for any shortfall
DO NOT SIGN IT as already said.........
if they won't take them , send them recorded delivery with a brief letter , leave the house locked and its then their problem


Dave

Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!!
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Housing
Senior Member



United Kingdom
1399 Posts

Posted - 21 November 2009 :  14:25:46  Show Profile  Reply with Quote
hello mum-t,

Welcome to the forum.

I always look at the option to save a home, if it is possible...

A few questions to try to assist:-

1 - Do you have arrears on the secured loan?
2 - Do you have any equity in the property?
3 - Do you have any children?
4 - Do you have any medical/health issues in your household?
5 - You say, you have a house to rent - is it in the private sector (i.e. an assured shorthold tenancy?
6 - Is it a high rental or are there comparable rents in your area?

The reason for the above is that there may be a way to save the house through one of the "rescue" options that are available through the government.

The last thing the government wants to see is an increase in mortgage re-possessions - it`s a question of how much debt (other than your mortgage - which you say is up to date)

If you have children/health issues the local council may be able to assist you with advice - and MAY be able to consider you for housing, to give you more security

I have been an estate agent, a letting agent and a Director of Housing for a local authority and see the positives rather than the negatives and see that often by looking at you position as a whole, you may be able to stay where you are...I have seen many repossessions that should NOT have happened!! I have acted in court for landlords, local authorities, tenants and homeowners so can se from all sides of the coin...

I am able to give my coments on cyber if you want me to - whatever happens, I wish you and yours well, Richard


"There are no problems - only solutions..."
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