| T O P I C R E V I E W |
| got there |
Posted - 11 September 2008 : 18:49:01
If the mortgage company chases the debt after the ERF has ceased can they still claim this as the shortfall?
eg, say you had £10k ERF tied in til 2009 and they started chasing you Jan 2010 could they still claim the £10k ERF?
Thanks in advance. |
| 9 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 12 September 2008 : 13:58:52
Hi Gettingthere,
As long as you list the secured lending in the unsecured as well on the SOA, any shortfall (including ERF) will be included and written off in the BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| got there |
Posted - 12 September 2008 : 12:43:37
no - husband has moved out and we are in negative equity so giving up the property within the next few months. |
| JulianDonnelly |
Posted - 12 September 2008 : 12:25:08
Hi Gettingthere,
Are you looking to keep the property?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| got there |
Posted - 12 September 2008 : 12:22:37
Yes I do realise that but I am going BR in Oct my ex wants to wait until he knows exact amounts from shortfall of mortgage which could be next summer or later. My question is if they chase after the ERF date is up, would he be liable for this extra £8.5k fee.
Thanks again, think I confused everyone x |
| JulianDonnelly |
Posted - 12 September 2008 : 12:16:34
Great advice Harbourmaster.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| harbourmaster |
Posted - 12 September 2008 : 10:27:27
If your mortgage is still in the redemption period then the lender will want it. Even if you hand the keys back. If you are 1 day out of the redemption period then they will not charge it. |
| got there |
Posted - 12 September 2008 : 08:16:55
Also meant to ask could you argue the Early Redemption penalty cause if you are voluntary handing back the house so to speak you are not actually redeeming the mortgage.
Thanks again. |
| got there |
Posted - 12 September 2008 : 08:15:43
Thanks John, does that mean after the penalty period finishes they cannot add this into the shortfall to be repaid.
Sorry to appear thick.
thanks in advance. |
| John |
Posted - 11 September 2008 : 22:10:18
Hi
once the redemption penalty period ceases there is nothing to repay in respect of that penalty either in or outside of bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
