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House repossession
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WittsEnd_2
Posts: 6 Forumite
Hi all,
Right here we go,due to financial problems my house is about to be repossessed,i am volenterily giving the keys in to Hamlins solicitors who have been instructed by santander but they want me to sign a declaration where i am liable for any shortfall and ongoing mortgage interest.Do i have to sign this as it would be digging a deeper hole and would it affect a future bankruptsy which i may have to go through if my situation worsens.
Ta
Right here we go,due to financial problems my house is about to be repossessed,i am volenterily giving the keys in to Hamlins solicitors who have been instructed by santander but they want me to sign a declaration where i am liable for any shortfall and ongoing mortgage interest.Do i have to sign this as it would be digging a deeper hole and would it affect a future bankruptsy which i may have to go through if my situation worsens.
Ta
0
Comments
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sorry dont know much about repossession but i can recall people on this forum saying do not sign anything when handing over a property, someone will be along soon to give you a better answer0
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Hi all,
Right here we go,due to financial problems my house is about to be repossessed,i am volenterily giving the keys in to Hamlins solicitors who have been instructed by santander but they want me to sign a declaration where i am liable for any shortfall and ongoing mortgage interest.Do i have to sign this as it would be digging a deeper hole and would it affect a future bankruptsy which i may have to go through if my situation worsens.
Ta
Hi
If you have a look at this link of Fermi's thread
https://forums.moneysavingexpert.com/discussion/2219559
there is alot of useful information. At the bottom of his first post he explains that if you were to sign such shortfall forms pre BR then any remaining debt once house is sold on would still be included in your subsequent BR.
However, if you do not go BR, you will always be liable for the shortfall debt on the property, whether you sign or not.
My advice, don't sign anything if you are being repossessed.
Angie x0 -
That's the answer, as above.
The problem with voluntary repossession is that it can be viewed as intentional homelessness if you need help from your council. May be worth talking to Shelter who have info here
You say your house is 'about to be repossesed'. Have you got a court date? Possession Order? Eviction date?0 -
Thanks for your input,i recieved a court date 2 weeks back which had courts fees attached so i phoned hamlins and explained to them i had already told santander that i could not afford to keep the house or sell it.Hamlins told me they would cancel the court date if i gave up the house and have sent me the declaration form and asked for the keys.I do want rid of the house as after my marriage break up my ex took everything in the house leaving me with a bare shell that i can not afford to pay the mortgage on or refurnish.
Santander have been either a little thick or simply letting the gross loan value accumulate as i first told them to take the house around 3 months ago.
THANKS0 -
Read fermi's sticky really carefully.
Strictly speaking by signing anything accepting liability for shortfall BEFORE bankruptcy would be included in the bankruptcy paperwork.
I vol. rep. our property without signing the paperwork so it can be done. The mortgage company will allow the amount owing to accumulate, yes.
Like I say read the sticky that Angie has pointed you to, it's invaluable. Good luck, been there done that, it's not a nice thing to have to go through. you'll be through it soon enough and start to rebuild0
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