HOME  FORUM  MEDIA  EVENTS  ARTICLES  TV  BLOGS
•Home
Bankruptcy:
•Bankruptcy Information Center
•What is Bankruptcy?
•Is Bankruptcy right for me?

•How to declare Bankruptcy?
•What happens to my assets?
•Bankruptcy and credit rating

Forum:
•forum
•register
•search
•faq
•experts

Blogs:
•Bankruptcy News
•More...

Media Room:
•Press releases
•Media Coverage

Other:
•About BankruptcyHelp
•Links
•Contact us
•Debt Glossary
•Insolvency jobs


FORUM
  > Browse and post on our forum
Home   |   Profile   |   Register   |   Active Topics   |   Members   |   Search   |   FAQ

Welcome to our Forum, please register if you want to post
Ask a debt question
See the last 250 posts
Watch video on how to use forum
Username:
Password:

Save Password
Forgot your Password?

 All Forums
 New Questions
 Forum Questions
 Mortgage payments etc
 New Topic  Reply to Topic
 Printer Friendly
Previous Page
Author Previous Topic Topic Next Topic
Page: of 2

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 28 May 2012 :  17:26:11  Show Profile  Reply with Quote
If the mortgage co agree to the sale, then yes, any shortfall is included in your bankruptcy if you haven't signed any new agreement with the mortgage co.

Have you thought about handing the keys back to the mortgage co and getting them to reposses?


Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Go to Top of Page

wellerchic
wellerchic



135 Posts

Posted - 29 May 2012 :  10:19:25  Show Profile  Reply with Quote
Hi Vicki

Thank you for your advice.

What happens if I hand the keys back, does it count as a repossession?
I presume I would just move and send the keys registered delivery so a signature is obtained from the building society.

Would I still be liable for council tax on the property untill it is sold by Alliance and Leicester

Gill x

There is light at the end of the tunnel, I can actually see it !!!!
Go to Top of Page

wellerchic
wellerchic



135 Posts

Posted - 29 May 2012 :  10:22:52  Show Profile  Reply with Quote
Viki - Sorry about reposession sentence, I have seen what you have written on original post !!

There is light at the end of the tunnel, I can actually see it !!!!
Go to Top of Page

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 29 May 2012 :  14:14:36  Show Profile  Reply with Quote
Yes, it would be repossessed. You can get a 6 months exemption for your council tax once you leave and the property is vacant, however, if the mortgage co don't reposses in that time, then you will be liable again.



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 30 May 2012 :  15:56:54  Show Profile  Reply with Quote
Hi wellerchic,
Just to add, its a surrender of keys agreement that you should be able to get from your mortgage company.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page

wellerchic
wellerchic



135 Posts

Posted - 01 June 2012 :  11:48:42  Show Profile  Reply with Quote
Hi

Sorry for all the questions !!

Do I just ask the building society for a Surrender of keys agreement?
Is it that simple?

Gill

There is light at the end of the tunnel, I can actually see it !!!!
Go to Top of Page

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 01 June 2012 :  13:14:03  Show Profile  Reply with Quote
No, you just need to send the keys back recorded delivery with a short covering letter saying that you want the property to be repossessed.

The mortgage co will send you a letter, don't sign anything that says you a liable for the shortfall.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 03 June 2012 :  12:07:39  Show Profile  Reply with Quote
When I looked at giving up some of my properties, it was clear that the mortgage company would eventually reposess.
So that there was no undue delay (and more money available in my estate), I asked one of my mortgage companies how I could speed up the process, rather than wait until arrears had built up, and they went through there due process of reposession etc.
They told me if I wanted to do that, I would need a surrender of keys agreement, which basically meant I was agreeing for them to reposess the property straight away.

Maybe its at least worth a phonecall to your lender, or a new trip to CAB for some professional advice?

I hope it all works out.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page

debtinfo
forum expert



2826 Posts

Posted - 03 June 2012 :  13:28:07  Show Profile  Reply with Quote
the difference here Year 2029 is that the surrender is after the bankruptcy. If you hand the keys back before the bankruptcy id doesnot really matter what you sign. BUT if you do it after the bankruptcy order date, most of the forms from the lenders (usualy called a deed of acknowledgement) normally have a sentence in there that states that you agree to be liable for the shortfall, Now if that is signed after the bankruptcy date you are in effect creating a new debt and so would therefore be liable for the shortfall despite the bankruptcy
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 05 June 2012 :  05:04:35  Show Profile  Reply with Quote
My previous post was referring to my own personal experience AFTER dclaring BR.
The OP could take whatever forms they are presented with to the CAB BEFORE signing them to make sure they have not entered into a 'deed of acknowledgement'.
They would also be able to get advice from their OR/Trustee.
I have found mine helpful when I have asked them any questions.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page

wellerchic
wellerchic



135 Posts

Posted - 06 June 2012 :  15:52:28  Show Profile  Reply with Quote
Thank you for all your replies, you have all been very helpfull x

There is light at the end of the tunnel, I can actually see it !!!!
Go to Top of Page

year 2029
Average Member

590 Posts

Posted - 06 June 2012 :  15:55:17  Show Profile  Reply with Quote
Hi wellerchic,
glad to hear you're 'getting there'.

Let us know how you get on.
Its good to hear peoples personal experiences.

--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
Go to Top of Page
Page: of 2 Previous Topic Topic Next Topic  
Previous Page

 New Topic  Reply to Topic
 Printer Friendly
Jump To:
bankruptcyhelp.org.uk Forum © bankruptcyhelp Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.06