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T O P I C R E V I E W
May5641
Posted - 09 May 2009 : 19:17:12 I went BR in Feb 09 and I was renting out my home before this. The OR now receives the rent from my ternate.
Northern Rock called me today, I normal just hang up but I thought I would see what they had to say. The lady on phone told me that I am liable for the shortfall once my property is sold, Even if I don’t sign the surrendering paper work that Northern Rock have sent out to me. They will still come after me for the remanding money owned after the sale. Is this true and what can I do?
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 09 May 2009 : 20:41:03 Unfortunately most mortgage lenders have a very shallow education in the matters relating to insolvency.
speak to your OR and he / she will put your mind at rest.
Posted - 09 May 2009 : 19:47:39 This shouldn't be the case as any shortfall is normally included in the BR. I know that if you sign the voluntary repossession document that you can be liable for the shortfall but so long as the mortgage is included in the BR you won't be liable.
It is probably just Northern Rock trying some scare tactics to try to make you pay token payments or restart your payments.
