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baxi
New Member
United Kingdom
66 Posts |
 Posted - 17 June 2009 : 21:48:44
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I'm going BR on tuesday, want to send the keys back for our mortgaged property (voluntary repossession) and the mortgage company send out a form for my wife and i to sign (Form of Surrender). I am including the shortfall for the property in my bankruptcy. This is what the letter says;
"Acknowledging the arrears on our account and after careful consideration we have decided to surrender possession of the above property voluntarily, so that ACCord Mortages may sell the property as mortagagee in possession under the terms of its security.
In surrending this property we do so without any duress. We confirm that we have been advised to seek independent legal advice and in reaching our decision have not relied upon any representation made by Accord Mortgages, its officers employees or agents. We have been advised that Accord Mortages will take action against us to recover all monies due, regardless of our surrender to this property. We understand that the society will sell the above property and that, should the net sale proceeds be insufficient to discharge all monies due under the mortgage, including all charges and costs, we will remain liable for that shortfall plus interest and any legal costs incurred in enforcing that liability. We understand that surrendering possession of the property will result in our inclusion in the Council of Mortgage lenders possessions register which may be used by other lenders when considering the offer of a new mortgage.
We take this opportunity of enclosing the keys and confirm that all personal effects have been removed. Our forwarding address is detailed below"
Sorry for the long post! |
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frosie90
Junior Member
285 Posts |
Posted - 17 June 2009 : 22:00:39
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| Hi Baxi. Dont sign the form without advice from here or not at all. You will see loads of posts on here about "Deed of Acknowledgement". Put it in search and look at other posts. I included my shortfall in my SOA but it can cause problems if you sign it. I had the same but it was as presented as above". I did sign it but crossed out the paragraph saying "liable" etc. but really worried after. My OR has assured me I am fine though. Have a trawl on the site and you will see loads of advice. My mortgage company would not accept the keys anyway and would only take possession once I gave them new address. The form almost became immaterial. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 June 2009 : 14:10:46
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I am pretty sure that you shouldn't sign anything like this at all. Just hand the keys back.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 June 2009 : 15:52:13
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If you are going to sign it then you should definitely cross out the following passage:
We understand that the society will sell the above property and that, should the net sale proceeds be insufficient to discharge all monies due under the mortgage, including all charges and costs, we will remain liable for that shortfall plus interest and any legal costs incurred in enforcing that liability.
Just to be safe it would be best to send the form and keys back once you have been declared BR.
I think some people have only sent the keys back without signing the form and the mortgage company have continued to call/hassle them. Apparently even if you send the keys back, without the signed form the mortgage company will still need to take you to court to complete the repossession. This costs them money, which is why they will continue to call you until they receive the form. |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 19 June 2009 : 15:11:28
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No Dont sign it, as you are agreeing to be liable for the any debts, I would hand the form over to the official reciever and allow him/her to deal with it.
Stu J Byron |
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Should i sign this letter?
