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fredjn
Starting Member
30 Posts |
 Posted - 09 February 2010 : 18:18:11
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Hi we have founs a house to rent and are awaiting the checks to go through. We want the mortgage house to be repossessed as soon as possible after we have moved into the rental property so do we just send the keys back? is this a quicker way of getting it repossessed? And what happens if you sign the shortfall letter ? Does the shorfall get included in BR even if you sign it? Not sure what to do but we don't want to be liable for the council tax bill after the six months exemption runs out you see, plus having to keep on paying the building insurance for as many months it takes if it all drags on.
Thanks in advance
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 February 2010 : 18:27:29
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| There is normally a clause in the shortfall letter stating that you will need to pay any shortfall so be very careful about signing this. You can either cross out this clause and sign it (risky), ask the mortgage to remove the clause before you sign it (safe but the company will be unlikely to remove it) or not sign the form and wait a couple of months for the property to be repossessed. |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 10 February 2010 : 14:54:25
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Hiya Fredjn
If I were you, I would send the keys back to the mortgage company and inform them that you wish a voluntary repossession. Despite what the mortgage company tells you, the shortfall will be written off in your bankruptcy.
All the best
John Blackadder |
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ONK
Junior Member
135 Posts |
Posted - 10 February 2010 : 15:15:08
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hi , sounds like i was in a similar situation to you. I moved out of my mortgaged property 02/11/09 , i only missed the mortgage in sept , oct and nov. They changed the locks to the property on 16/12/09. I had spoken to the local authority when i moved into my rental , they exempted the mortgaged house from council tax , i was only liable until the date the building society changed the locks. I didnt tell them i was doing it , personally i couldnt be bothered with the hastle i expected to get from tem . Just wanted to take things into my own hands n do it on my ters, so up n left once i found a house i wanted. They didnt find / chase me until march of last year when they informed me the house was sold with a £46k shortfall , i went BR Nov just passed , from what OR said looks like im getting discharge sooner than expected.
Lyns
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 10 February 2010 : 16:36:01
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do not sign any forms that state you accept liability if there is any shortfall
the best way is lock up the house when you leave it and send the keys back to the Building society recorded delivery with a letter stating where the keys are for and you are voluntarily handing the house back to them
do not put a return address other than the house you are leaving.
you can if you wish tell them you will be in touch in due course to inform them where you have moved to
but if you go through BR it will be up to the OR to contact them
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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ariel
Starting Member
5 Posts |
Posted - 16 February 2010 : 08:42:08
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You have to take some strict action against the mortgage company. How they can do this. You can find help from local housing authority. Its their duty to give to offer a homeless applicant advice and assistance.
motocross dvd |
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wellerchic
wellerchic
135 Posts |
Posted - 16 February 2010 : 12:34:56
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Hi
Is the shortfall covered even when BR is finished and I am discharged?
I think Melanie told me that it was covered so long as the BI is not bought?
My mind has been all over the place lately so sorry to keep repeating this
Gill x
There is light at the end of the tunnel, I can actually see it !!!! |
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Found a rental house - now...?
