Hello everyone.
Just a quick question in regards to voluntary surrendering a property back to the mortgage company.
I phoned through to nationwide to let them know i would be surrendering my interest in this property(negative equity).The administrator told me she would send the appropiate forms for me to sign in relation to this once they received them they would take charge of the property within 48hrs.
Having read some posts on here i dont know if i picked it up right,am i to avoid signing these forms.If so how then do i go about getting them to take possession of the property.Why is it best to avoid signing as looking at bankruptcy in the new year.
I see no reason not to sign and return the paperwork as the property then becomes the responsibility of the lender. You will no longer be liable for insurance etc and can bankrupt in the New Year with the debt included.
I think that you will need to read the forms carefully, as some companies do put in a clause that you will be responsible for any shortfall when the house is sold.
If that is case - don't sign that bit.
For further info, visit the sister site and ask on there, but I'm pretty sure that's what they advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi julie.
Partly because the payment is over 900per month.Secondly i had the property rented out and rather than move back in i feel it's best to surrender.Along with unsecured debts i was planning an I.V.A and wondered would it be possible to bring the shortfall in when the property is sold.I know this would only be realistic if i was in regular employment.
You can bring the shortfall in I believe, but make sure you don't sign that right away.
Do you have a job Maverick?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
HI jan.
Yes at the minute i am working full time(Civil Service).When you say dont sign.Surly then the mortgage company won't take possession of the house.
Ask the question on the bankruptcy site as I know it is a frequent one on there.
If you sign to say that you will be responsible for the shortfall then I don't think you can include it in an IVA or BR.
I would seek some professional advice as to which is the best way for you. Phone some of the experts who post on here - their details can be found on the left hand side of the page.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Nearly all financial institutions request that you sign stating that any shortfall after sale of the voluntarily repossessed property will become your liability.
If you declare BR, and you have signed this clause the shortfall owing will not be captured under BR - thus allowing Nationwide to pursue you regardless of you becoming BR.
Thank you In 2 Deep - I knew there was a topic on there somewhere about it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The shortfall can be properly included in either a subsequent bankruptcy or IVA, regardless of whether the property is sold before or after you enter such proceedings.
Hello Melanie.
Does that mean its ok to sign the voluntary surrender form that the mortgage company is sending out.Also when you say shortfall can be included is that a guessed estimate that you put in the I.v.a.before the house is sold on.regards
