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andrew.h
Junior Member
202 Posts |
 Posted - 11 June 2008 : 21:08:26
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I have been declared bankrupt for nearly two weeks now, and i am getting heat from the Mortgage company about paying my mortgage. I have my interview with the OR this Friday, and i have viewed a property to rent that i can move into on 19th July.
The mortgage company want to send some kind of debt advisor / collector round to see if i can still afford to pay the mortgage, and i've told them that this is a waste of time. How do i stand on this issue. Do i have to see this advisor?
If i hand my house keys to the OR can i stay in the property until 19th July? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 June 2008 : 21:48:28
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Hi Andrew
couple of questions so we can get a quick picture of where you are.
1. Did you have mortgage arrears before being Br?
2. Did you pur down the mortgage company as a secured debt AND as an unsecured debt?
3. If you have arrears how many months?
4. Have the mortgage company instigated reposession proceedings because of arrears?
many thanks
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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andrew.h
Junior Member
202 Posts |
Posted - 11 June 2008 : 22:16:53
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1. I had 2.5 months mortgage arrears before declaring bankruptcy
2. I put the mortgage company down as a secured debt only. I have spoken to the OR and he has advised me that this will not matter.
3. See answer 1.
4. As yet the mortgage company have not instigated repossession proceedings.
I intend to call the mortgage company after the interview with the OR to advise them of the current situation.
If i tell the OR that i cannot afford to stay where i am and that i can move into rented accommodation, would they allow me to stay until 19th July? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 June 2008 : 22:30:00
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Hi Andrew
thanks for the answers
as you are only 2.5 months in arrears the mortgage company will not have started reposession proceedings so in theory the process will slow down now that the OR has ownership of your beneficial interest.
I can see no reason at all why you will not be there until july 19th or beyond for a while.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 June 2008 : 23:10:44
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There is no point in handing the keys in to the OR - you will need to deal with the mortgage company directly in this regard.
Is there any equity in the property?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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andrew.h
Junior Member
202 Posts |
Posted - 12 June 2008 : 19:38:13
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| There should be approx £10k equity |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 June 2008 : 22:12:03
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Then the OR will want to deal with this quickly to avoid further erosion of the equity.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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andrew.h
Junior Member
202 Posts |
Posted - 12 June 2008 : 22:15:18
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That's ok with me, i just want to be able to stay put until 19th July. What can the mortgage company do?
I'm guessing that they can apply for possession but is it correct that this action would not be concluded before 19th July? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 June 2008 : 22:17:39
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They can apply for possession proceedings as soon as you are three payments in arrears, but this is longwinded and could take up to 6 months.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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andrew.h
Junior Member
202 Posts |
Posted - 12 June 2008 : 22:23:43
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| Melanie, Thanks for making me feel at ease about it. I guess i will wait and see what comes of my interview with the Official Receiver tomorrow. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 June 2008 : 22:27:02
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Good luck with it Andrew, and report in tomorrow night with some details of the interview please.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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andrew.h
Junior Member
202 Posts |
Posted - 17 June 2008 : 19:17:49
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OK, So i have sorted out my rental property and move in July. Can i just hand the keys back to the Mortgage company or do i have to wait for them to repossess it?
What affect will either action have on my dealings with the OR? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 June 2008 : 00:27:32
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You can hand the keys back to the mortgage company at any time.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Al_
Junior Member
182 Posts |
Posted - 19 June 2008 : 12:46:50
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Andrew,
Your situation sounds very similar to my own. I was BR last year (now discharged) and I just handed the keys back and moved on. Who is your lender?
Al. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 19 June 2008 : 13:14:21
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Hi Andrew,
Just remember to let the OR know that the property has been repossessed so they can include the shortfall in your BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Mortgage Company
