| T O P I C R E V I E W |
| mandy123 |
Posted - 01 June 2010 : 18:03:49
does anyone know the difference between being repossessed and voluntary relinquishing our property? my partner has already been declared bankrupt and we have moved out of our mortgaged property as we can no longer afford the large mortgage - our mortgage company is advising us to voluntarily surrending (relinquishing) the property before they commence legal proceedings but i'm not sure what the difference is or which option is best for us? I'm really worried about choosing the incorrect option and it having bad consequences for us. Can anyone shed any light please? |
| 8 L A T E S T R E P L I E S (Newest First) |
| wellerchic |
Posted - 09 June 2010 : 21:41:09
Hi
I know the shortfall will be covered but would the OR deal with the Building society for me because the house actually belongs to the Trustee at this moment in time. It would be lovely if I could just send the OR the keys and let them deal with it !!! If only 
Gill x
There is light at the end of the tunnel, I can actually see it !!!! |
| mandymoo |
Posted - 08 June 2010 : 21:50:27
guys thank you so much - we came so close to signing the form and sending it back but we are now going to wait and talk to the OR when my partner has his first interview - 15th June i think - thanks again so scary how close you can get to doing something that might not benefit you!!!
mandy |
| chester2005 |
Posted - 07 June 2010 : 00:56:12
if you have not bought the BI back from the OR then any time after BR discharged or before the shortfall will be handled by the OR and included in your BR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| wellerchic |
Posted - 06 June 2010 : 12:00:42
Can anyone help please x
quote:
Originally posted by wellerchic
Hi Melanie
Would the OR still deal with the keys after discharge if I decided to rent a property due to the financial obligations of the upkeep of the house.
All this scares me and I wish I could just wave a magic wand for it all to happen x
Gill x
There is light at the end of the tunnel, I can actually see it !!!!
There is light at the end of the tunnel, I can actually see it !!!! |
| wellerchic |
Posted - 03 June 2010 : 13:42:33
Hi Melanie
Would the OR still deal with the keys after discharge if I decided to rent a property due to the financial obligations of the upkeep of the house.
All this scares me and I wish I could just wave a magic wand for it all to happen x
Gill x
There is light at the end of the tunnel, I can actually see it !!!! |
| Melanie.n |
Posted - 02 June 2010 : 13:41:22
Hi there, just a small point to add - you are best advised as above to hand the keys to the OR and let them deal with the mortgage company direct.
If you decide to deal with the mortgage company direct (don't worry many prefer to do so) DO NOT under any circumstance sign anything provided by the mortgage company (you can provide your own letter to 'accompany the keys') no matter how hard the mortgage company press for the 'forms' to be completed with regard to the voluntary surrender, I am aware of a few people who have been caught in this way in that they have ended up liable for the shortfall as the mortgagee has obtained a signature on hand back of the property stating that you will do so, not many people read the small print! but this could be a very costly signature!
If in doubt leave to the OR to sort out
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
|
| Richard P |
Posted - 02 June 2010 : 12:57:24
Hi Mandy
Now that your partner has been declared bankrupt give the keys to his OR and ask him to sort out the house.
you have arranged alternate accomodation, so that is not an issue.
any debts incurred will be added to his bankruptcy figure, if the property was joint owned you may / will get the mortgage company chasing you.
Your partner as a bankrupt cannot make the decision about the house as it is not his to do so hence contact the OR.
regards Richard |
| Bridgewood |
Posted - 02 June 2010 : 09:11:49
Hi mandy123
It used to be that if you voluntarily made yourself homeless you were treated as less of a priority by local authorities than if you were evicted - i suspect that is still the case but have no recent experience of it
I know there are others on here far better qualified than I am to advise you so I'll leave it at that
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
