| T O P I C R E V I E W |
| wellerchic |
Posted - 12 October 2009 : 15:48:12
Hi
Can anyone please advise me on which is the best option to choose if I want to give up my home which is in about £12,000 neg equity.
Do I either give the home back to Alliance and Leicester or get repossessed.
I am BR and it is due to end 26th Feb 10.
Will the negative equity be back in my court after this date?
I have not bought the BI in the property but have replied to the OR saying my Mum maybe interested in Jan 10.
If I go along the reposession route do I just not pay the mortgage so they take me to court and ask me to leave.
This would enable me to save for a rental deposit.
G x
There is light at the end of the tunnel, I can actually see it !!!! |
| 15 L A T E S T R E P L I E S (Newest First) |
| wellerchic |
Posted - 30 October 2009 : 11:52:07
Just spoke to Alliance and Leicester and the lady told me the house in not part of the BR ???? I think these organisations need to get some training on the rules around BR !! I told her it was on my SOA and the neg equity would be covered.
Back to square one with the rental search, someone beat me to it with a deposit on the lovely house I saw.
Back to looking again !!
Gxxx
There is light at the end of the tunnel, I can actually see it !!!! |
| Housing |
Posted - 27 October 2009 : 09:40:55
Hi wellerchic, 
I agree with Jane - seems that this man speaks with no authority at all and he ought to be put in his place - is he an agent? Is it a reputable firm (part of a chain - best not to mention the name).
He is not authorised to give such advice and it seems flawed anyway.
Post back with some more detail (do not name the firm though) and I will see if I have any thoughts or others that post here, Richard
"There are no problems - only solutions..." |
| Jane.l |
Posted - 27 October 2009 : 09:33:25
Ignore the guy, he obviously does not know what he is talking about
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| wellerchic |
Posted - 26 October 2009 : 21:50:58
Hi
Been to look at a lovely house today but the guy who showed me round has got me worried !! He said that even after the BR has finished the OR can still come after me for money owing to creditors??? I thought all would be cleared ?
Also he said that if the shortfall was more than on my SOA I would still be liable. Is this only if I signed the form I have been warned NOT to sign?
G x
There is light at the end of the tunnel, I can actually see it !!!! |
| samanthadm |
Posted - 16 October 2009 : 23:37:27
Hi there, we are nearly ready to go br, we have a rental property ready , we have been so lucky, my friend has a farm with some cottages she rents on it, the security of a long term let with our children has taken all the angst away. We havent paid the mortgage or secured loan for three months, we are planning on giving the keys back before they repossess us, but are unsure what the process is, especially when we have the two companies to hand back to. Any experience would be really appreciated, thank you
things . . . can only get better |
| Srrs |
Posted - 16 October 2009 : 21:42:58
I had my property repossessed early this year my mortgage and unsecured loan was with NR. I agree they are useless! Refused to help me when I first started having problems despite them claiming to be ever so helpful!
I owe them nearly 60k with shortfall, loan and charges but they have only written to me once in about 4/5 months.
I know this isnt advice just like to share my rubbish experience with NR!!!
quote:
Originally posted by debshoebridge
We went BR at the end of September and we have stopped paying our mortgage to save up to rent privately. We had phone calls but not to the home phone, to my husbands mobile. He just hasnt answered his phone. We then got a letter stating we had over £1500 arrears and they are instructing their solicitors for possession.
This is our chance to start again and to be quite honest they are a cr*p mortgage company anyway. We were bullied into this mortgage by our IVA supervisor.
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| debshoebridge |
Posted - 16 October 2009 : 14:45:22
We went BR at the end of September and we have stopped paying our mortgage to save up to rent privately. We had phone calls but not to the home phone, to my husbands mobile. He just hasnt answered his phone. We then got a letter stating we had over £1500 arrears and they are instructing their solicitors for possession.
This is our chance to start again and to be quite honest they are a cr*p mortgage company anyway. We were bullied into this mortgage by our IVA supervisor.
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| Jane.l |
Posted - 16 October 2009 : 11:54:30
When I went bankrupt, the negative equity on my house was all with the secured loan at £36,000, this is the guestimate amount that I put down on my SOA. The house took so long to sell at another £30.000 less, this increased the shortfall to around £66,000, not forgetting sellings costs, mortgage arrears, interest. IT IS ALL INCLUDED IN THE BANKRUPTCY, stop worrying, although its hard I know
I too kept getting calls from NR saying I owed them £9,000 in mortgage arrears  Yeah right!, no matter what I told them, they still insisted, so in the end, I just gave up dealing with them and ignored them, they got the message in the end and have never contacted me since |
| chester2005 |
Posted - 16 October 2009 : 11:15:00
Don't sign anything accepting liability for the shortfall
Don't worry about the shortfall , regardless of what amount you put on the SOA it is covered.
Stop paying the mortgage and save the money fort advance rent /deposit.
If the Building society call up tell them you know you havn't paid and it is in hand, you are trying to sort your finances out.
OR when they call, fail the security questions or do not answer the phone.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| wellerchic |
Posted - 16 October 2009 : 08:30:36
Hi
Thanks for your reply.
I spoke to the OR yesterday who just told me to speak to the CAB or a solicitor and advised me to watch what I signed meaning about the shortfall.
Also I have read today that you have to still carry on paying the mortgage until the house is sold - Is this correct??
My idea was to stop paying the mortgage to save for a deposit and first months rent.
If they sell the property and the neg equity is more than what is on my SOA would I be liable for the difference?Also if I stop my payments and get calls from the Building society what do I say? Do I admit to my plans ?
G x
There is light at the end of the tunnel, I can actually see it !!!! |
| panicked-mum |
Posted - 15 October 2009 : 14:54:01
Remember the Building Society will act in their benefit not yours, so the advice they may give you may be limited!!!
I would speak to the OR and see how they suggest you proceed before contacting A & L.
We've had conflicting advice from Northern Rock re our reposession and despite sending the forms back with the shortfall clause crossed out and a note added they still claim we're liable!! |
| wellerchic |
Posted - 14 October 2009 : 18:29:14
Hi The potential shortfall was included in my SOA.I have been to a letting agency today and they said the BR shouldn't affect me renting a property. If I went to an estate agent this may be different.
I would need to save two months mortgage for a deposit etc so I would have to stop paying the mortgage as soon as I make the final decision to rent and give the house up.
I was advised by the letting agency to ring the OR and ask how they would want me to proceed giving the house up because it is included in my SOA.
Has anyone else asked the OR for advice or would I go straight to the building society.
Thank you for all your support
G x
There is light at the end of the tunnel, I can actually see it !!!! |
| chester2005 |
Posted - 13 October 2009 : 14:01:28
was the potential shortfall included in your SOA when you declared BR, if so and you do not want to remain living there, stop paying the mortgage, save the money for rental deposit etc and when you have moved send the keys back to the A+L by special delivery and there you go. They will then repossess the house and the shortfall will be covered in BR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| gettingoutofdebt |
Posted - 13 October 2009 : 11:18:14
The quickest option is to give the property up for voluntary repossession however A&L will probably want you to sign a form with a shortfall clause, which would mean that you would need to pay any shortfall so be careful of this.
It would probably take A&L 6 months or so to go through the repossession process.
You mention that you Mum may want to buy the BI in Jan, is this still the case? You won't be able to buy the BI if the property is repossessed. |
| wellerchic |
Posted - 13 October 2009 : 10:13:20
Can anyone advise me please on this, I do not know which way to turn.
G x
There is light at the end of the tunnel, I can actually see it !!!! |
