is it better to hand the keys back

6 posts Page 1 of 1
Post Reply
 
 

tanningangels

User avatar
Posts: 3
Joined: Wed Jul 04, 2007 6:13 pm
Location:
Post by tanningangels » Tue Sep 11, 2007 5:50 am
Quote
is it better to hand the keys back to the mortgage lender or let them repossess.we no longer live there and have missed 5 payments.what if there is a shortfall will i be liable?
Top
 
 

mikebdomain

User avatar
Posts: 1126
Joined: Thu Aug 23, 2007 10:03 am
Location: United Kingdom
Post by mikebdomain » Tue Sep 11, 2007 8:37 am
Quote
Hi tanningangels and welcome to the forum.

You certainly will be liable for any shortfall, Have your lenders sought a repossession order yet?

It is best not to just put you head in the sand and hope this will go away, contact your mortgage provider and discuss your problems with them, most lenders will offer 'over payments' to make up initial shortfalls.

What about selling your house yourself?
Do you have negative equity?

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf
LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Directly Authorised Firm FSA No:313790
CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Top
 
 

ray_a

User avatar
Posts: 750
Joined: Fri Jun 01, 2007 7:24 am
Location: United Kingdom
Post by ray_a » Tue Sep 11, 2007 9:50 am
Quote
Hi Tanning

It might help if you could provide us with a bit more info so that we can all put our thinking caps on!

Regards

Ray
Top
 
 

tanningangels

User avatar
Posts: 3
Joined: Wed Jul 04, 2007 6:13 pm
Location:
Post by tanningangels » Tue Sep 11, 2007 11:46 am
Quote
Hya yes sorry i should have mentioned that I was declared bankrupt in july 2007. The property and both secured mortgages were included in the statement of affairs.Does this still make me liable for shortfall and fees ? Im not sure wether it is best to just hand back the keys or let the court case go ahead on 22nd october. The mortgage lender has applied for the hearing of possession yes.
Top
 
 

mikebdomain

User avatar
Posts: 1126
Joined: Thu Aug 23, 2007 10:03 am
Location: United Kingdom
Post by mikebdomain » Tue Sep 11, 2007 11:59 am
Quote
If you do not attend court the lender will be granted repossession by the court. If you have been declared bankrupt, I believe interest and fees would have been included and you are no longer liable.

I would:
- post the keys back to the lender via registered post and,
- contact the clerk of the court and inform them that you no longer have an interest in the property.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf
Last edited by mikebdomain on Tue Sep 11, 2007 2:42 pm, edited 1 time in total.
LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Directly Authorised Firm FSA No:313790
CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Top
 
 

ray_a

User avatar
Posts: 750
Joined: Fri Jun 01, 2007 7:24 am
Location: United Kingdom
Post by ray_a » Wed Sep 12, 2007 10:48 am
Quote
Hi Tanning

I think Mike is right and best to move forward.

Hope you are OK with somewhere to live.

Take care and Good Luck!
Top
Post Reply
6 posts Page 1 of 1
Return to “postbag for september”