morning just wondering if anyone can give me some advice on how to surrender my house? give it up to mortgage company? if so do i need to be in arrears with mortgage?
Ring your mortgage company and explain you wish to surrender the property. They will send the necessary paperwork and arrange for you to give back the keys. If the property is subsequently sold for a shortfall you will be liable for that debt so you should seek some advice from an IP firm if you have not done so already.
Why are you needing to do this krissi? Is the property just too expensive to keep, or are your other debts simply absorbing too much of your disposable income?
I had considered surrendering my house too as I could move to a rented house of a similar standard for less money than my standard variable rate or pay the same and get a nicer house where someone else is responsible for any major repairs.
My house is worth marginally more than my mortgage so I dont think I will have a shortfall to find, but would it hurt my credit rating going forward? (Im 1 yr clear of my IVA)
i am moving in with my partner, due to have the baby in july so cannot afford to keep paying my mortgage. the house prices are less than what my mortgage is worth so there would be a shortfall which would be included in the bankruptcy. there is about 6 houses up fore sale on the same road as mine that have been up for sale for approx 2 years and going nowhere. feel it is better to surrender than to wait till july then not be able to pay the mortgage.
i contacted the bank the yesterday so my next step looks like taking the keys to the branch, and wait for them to sell it.
