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| dalgreen |
Posted - 24 May 2012 : 09:26:07
I have asked this question in a previous thread, but think it must have gone un noticed.
We had a letter from the trustee's solicitor yeaterday saying that an application for sale and possession had been filed at the court. We do not have the date yet.
My husband and I have decided that we will not contest this on the day, and let the trustee take the house. We have had 2 years of backwards and forwards offers for BI and have not been able to meet the Trustee's demands.
So we have decided to move on and try and put the whole horrible experience behind us.
I need to know now if we should stop mortgage payments, life insurance (only pays the mortgage if one us dies) and the buildings insurance.
I am unsure of the time scale of things, ie court date.
Should the Trustee or solicitor be told of our intentions, so that the mortage company wont persue for payments?
Please can someone advise me on this. |
| 15 L A T E S T R E P L I E S (Newest First) |
| year 2029 |
Posted - 06 June 2012 : 15:55:17
Hi wellerchic,
glad to hear you're 'getting there'.
Let us know how you get on.
Its good to hear peoples personal experiences.
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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. |
| wellerchic |
Posted - 06 June 2012 : 15:52:28
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 !!!! |
| year 2029 |
Posted - 05 June 2012 : 05:04:35
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.
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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. |
| debtinfo |
Posted - 03 June 2012 : 13:28:07
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 |
| year 2029 |
Posted - 03 June 2012 : 12:07:39
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.
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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. |
| Viki.W |
Posted - 01 June 2012 : 13:14:03
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 |
| wellerchic |
Posted - 01 June 2012 : 11:48:42
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 !!!! |
| year 2029 |
Posted - 30 May 2012 : 15:56:54
Hi wellerchic,
Just to add, its a surrender of keys agreement that you should be able to get from your mortgage company.
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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. |
| Viki.W |
Posted - 29 May 2012 : 14:14:36
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 |
| wellerchic |
Posted - 29 May 2012 : 10:22:52
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 !!!! |
| wellerchic |
Posted - 29 May 2012 : 10:19:25
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 !!!! |
| Viki.W |
Posted - 28 May 2012 : 17:26:11
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 |
| wellerchic |
Posted - 28 May 2012 : 17:12:20
Hi
Discharged Feb 2010
My home is being passed back to me because of the negative equity however I wished that the OR would taken ownership and take the property. I cannot afford the up keep of the property. I have spoken to the OR who has told me I can sell the property when I get ownership back but surely this is going to cost me and I am concerned about the Neg Equity. Is this automatically covered by my BR when the property sells.
Thank you x
There is light at the end of the tunnel, I can actually see it !!!! |
| dalgreen |
Posted - 25 May 2012 : 10:35:00
To be honest from day one our trustee has seemed un interested in our situation, the OR was more understanding, but in the last 3 years we have been passed through 3 different trustees. Information had been lost along the way we think. This trustee has been on the case since last March. Has sent us letters asking for things the either the OR, or the other 2 trustees already had, we have the documents to show that. This trustee didnt even know the date we were discharged, as he sent a letter asking if we had any windfalls, keeping in mind we had been discharged almost 1 and 1/2 years by the time he took over. The house was in negative equity when we went bankrupt but this trustee said the equity takes affect from his date of knowing, which was virtually 2 years later. I am sure that cant be right, but what little voice we have against the money men ? none ! When we spoke to a solicitor this week, he said, in his words "it looks like this trustee is being very awkward" He also agreed we wouldnt get anywhere with the situation and we must consider putting our selves first. So we have reached that decision. Bricks and mortar out way the importance of being able to smile again. |
| year 2029 |
Posted - 25 May 2012 : 09:02:36
I was 'fortunate' in my position that it was in negative equity.
I fought for a long time against BR, and my mortgage companies until I made my decision.
With that wonderful thing called hindsight, I could've saved a lot of money, maybe not gone bankrupt, or at least had a lot of money in my estate to pay creditors if I'd gone BR a lot earlier.
I called my trustee days after their appointment (much to their surprise as they often have to 'chase' people). Opened up an early rapport, and bought back my BI very quickly.
I would urge anyone in a similar position to start dialogue immediately.
quote:
Originally posted by Niobe
Must admit that keeping my home was one reason I didn't go bankrupt. I'd hate to leave it.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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