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wellerchic
wellerchic
135 Posts |
 Posted - 08 April 2010 : 21:58:42
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Hi I was discharged from BR in Feb and the neg equity was on my SOA. I just want to confirm that I have 2 yrs left from the date of discharge to hand the keys back to the building society and have the shortfall covered in the BR. I am separated from my Husband but have been keeping up the mortgage payments out of my wage.I cannot afford the up keep of the house and everything is going wrong, the doors have broken, the bathroom needs replacing etc. The only option I can think of is to rent a property and give the house up. I have been separated a year and I cannot see this changing. Hope you can help Gill
There is light at the end of the tunnel, I can actually see it !!!! |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 April 2010 : 10:12:31
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It looks like you also posted this question a few days ago but didn't get a response. I can't confirm that you have 2 yrs to hand back the keys but why not drop one of the following companies a quick email or give them a call:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
They bot post on this forum and are very well respected. They would be able to provide more information about handing back the keys and any time limits. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 13 April 2010 : 14:50:09
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Hi Wellerchic
As you owed the money on the mortgage prior to bankruptcy, any shortfall will be a claim in the bankruptcy estate irrespective of when the house is sold.
Hope that helps
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 April 2010 : 15:37:40
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sorry bridgewood I disagree
i think that their is a time frame and it is 3 yrs but do not know if from the start of bankruptcy or discharge.
unless you know different in that case please post a link and i can upgrade my knowledge
regards Richard |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 13 April 2010 : 22:47:51
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The OR has 3 years to sort out the equity position but any shortfall will be held within the bankruptcy unless you purchase the Beneficial Interest.
You should also be aware that some mortgage companies ( particularly the Goverment owned ones ) are VERY VERY slow at formally reposessing houses when you send keys back. This is because it will start to affect their balance sheets.
I am aware of a few cases where people surrendered housed 6 months PRIOR to bankruptcy, and now 5 months AFTER a full 12 months br period are being chased by the council for council tax.
a bit messy.
Also if you are going to move eventually why not get on with your life and get it planned and excecuted. Although the shortfall will go into the Br the reposession will be on your credit file from that point so why not start improving your file now rather than in 2 years time.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 14 April 2010 : 15:20:15
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Hello Wellerchic,
Bridgwood is correct in the response to your question,
The shortfall in the property is a provable debt in bankruptcy which you are released from upon discharge, you cannot reinherit this debt whether or not you buy back the beneficial interest, or indeed whether or not three years have passed, and the interest has been returned to you, However if following bankruptcy you sign a deed of acknowledgement with the lender this can of course create a new debt to which they can pursue you,
Hope this helps |
Edited by - Daniel Griffiths on 14 April 2010 18:03:40 |
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wellerchic
wellerchic
135 Posts |
Posted - 03 June 2010 : 13:31:19
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Hi
Can any one give me a step by step guide on how to hand the keys back to the building society. What to do and what not to do.
Also how long would I have to pay council tax on the property once I had moved?
Many thanks for your patience !!
Gilly x
There is light at the end of the tunnel, I can actually see it !!!! |
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Hi I was discharged from BR in Feb
