their are also govt incentives to sell your house and rent it back. scheme run through local council
the negative of the govt scheme and i believe AVS is that if you have any shortfall, it is down to the discretion of mortgage provider if they chase you for the shortfall or "forget about it ." I think they have 21 yrs to chase you !.
so for any scheme look carefully at the small print and ask your self does it actually help your circumstances move forward or is it just putting off a problem.
Ive just read about this on another forum as an alternative to handing your keys back.
Has anyone had any experience of this or know about it that they can share please
Mine's a double
i came to an arrangement with the OR which enabled me to stay in my home for 2 yrs and a few mths due to falling house prices and being unemployed,i had equity and they will be getting this very soon.
if you are bankrupt then any shorfall will fall into the bankruptcy pot when property sells,you can only be chased for this if you sign any documents with the lender regarding the mortgage"DONT SIGN NOTHING"people have after br and have been chased for the shortfall as it technically creates a new debt!