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jellybean
Starting Member
4 Posts |
 Posted - 01 February 2010 : 14:47:07
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Hi
Finally decided to take the plunge and this site is proving very supportive (I actually wish I would have discovered it before I submitted my SOA).
Anyway, I have my court appointment in less than two weeks. I am just wondering how I can have my house taken into the whole proceedings- I am renting it out (Just given the tenants one month notice) and I just want rid of it with all the other debts. It has a Northern Rock Together mortgage on it and as I bought it in 2006 before the market crashed further, there is now negative equity on the secured loan.
I understand that houses are not automatically taken off you- but, what if you actually want that? Should I inform Northern Rock before I go BR or afterwards that I want to basically give the keys back?
Any help would be greatly appreciated.
Thank you |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 February 2010 : 15:26:14
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Hi Jelly Bean
welcome to the forum
think that you list the property in section 4 secured creditors and section 8 property
if you have already submitted your SOA bring in the aditional paperwork to court date
if you are not ready for your court date you can always postpone it,
regadrs Richard |
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jellybean
Starting Member
4 Posts |
Posted - 01 February 2010 : 16:07:32
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Hiya.
Boy am I ready for my court date! Just want to get it done.
Yes, I have listed it in sections 4 and 8. But, the more I read on here it seems that as it's in negative equity the OR will not ness. take the house off me. This is what I want.
What I am basically asking is how do I ensure the house is repossessed either by Northern Rock or taken away by the OR. And, at what point do I let Northern Rock know that I want to just give it back and any monies owing be taken into the bankruptcy figures.
The forms were filled in to the best of my ability, but any areas I feel need to be clarified/supported, I am also planning to take mortgage statements/payslips and all the other gubbins that will hopefully get my case sent straight through.
It's just the house issue that could complicate things greatly.
What I don't want, is to go through all this and still be left with a house I don't want to live in, can't afford to upkeep and is thousands£ in negative equity. I just want a clean slate.
Any further advice appreciated. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 February 2010 : 16:26:02
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Hi JB
if it is not your main occupancy, they are unlikely to allow mortgage payments in your income and expenditure
therefor any mortgage payments will have to come out of your Disposable income
Do NOT pay any further mortgage payments, as from next tuesday or court date the responsibility for the property will be the OR and Northern Rock. The Or will discuss with you the plans for the property hence why somepeople can choose to retain a residential property
If you can face speaking to NR call and let them know the situation it may save them getting silly with you and lots of threatening phone calls or letters.
NR will want you to sign an undertaking to say that you will repay the money, dont sign any document and either ask the OR to return the keys or recorded delivery yourself
regards Richard |
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jellybean
Starting Member
4 Posts |
Posted - 01 February 2010 : 16:43:47
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Thanks again. That all sounds like what I am hoping will happen.
I expect that if I tell NR about the impending BR they will put a charging order or suchlike on the property. I think that I may delay telling them until a little nearer the hearing (18th Feb), but still inform them beforehand.
Has anyone out there been in a similar situation regarding a property?
Once again, thanking this forum for lots of great info and support. |
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House question
