Page 1 of 1
Posted: Tue Sep 11, 2007 5:50 am
by tanningangels
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?
Posted: Tue Sep 11, 2007 8:37 am
by mikebdomain
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
Posted: Tue Sep 11, 2007 9:50 am
by ray_a
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
Posted: Tue Sep 11, 2007 11:46 am
by tanningangels
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.
Posted: Tue Sep 11, 2007 11:59 am
by mikebdomain
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
Posted: Wed Sep 12, 2007 10:48 am
by ray_a
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!