Confused, Any advice please!!

garyj123

Hi all, hope this is in the right place but if not hopefully someone can nudge me into the right forum. Anyway here is the story so far, i lost my job in november and found we could no longer afford the mortgage. i was straight with the mortgage company and told them i cant afford to pay it so we can either try and work out something to give me time to put it on the market or i would do a voluntry repo. After a meeting with the bank all they can do is offer lower payments just paying the interest, but i still cant afford that anyway really. What i would like to know is if anyone has any experience is what people tell me is that voluntry repossesion is a really bad thing and i would never ever be able to get a mortgage again?? This worrys me a bit so have been thinking about seeing if i can scrape together the money every month for the mortgage and get it on the market instead. thing with this is that as every month goes by i am getting more charges on my mortgage account and then again it could be on the market for years the way things are. I am moving back to my parents so wont even be living in the house but just cant decide if to walk away or risk hanging in and trying to sell though if after 6 months or more i would probably have to give it up anyway??
ANyway sorry for going on a bit, hope someone can help, even if its someone who can assure me if i go repo i can at some point be considered in the future for a mortgage once things in my life have improved.
Many thanks to all
Gary

redfraggle76

hi, similar position.
We left our house in september, didn't actually tell mortgage lender till November & asked to do a vol repo. they wanted us to sign some forms which we were advised not to. we have just had our repo hearing this morning, told the judge the house was empty & that we had actually asked for vol repo. he just signed the order. we never made any payments since 1st August last year.
If you are going to move out i would cancel dd & let them take you to court for the repo.
Hope this helps x

sarahloukpntia

hi
we're also in a similar position. my husband & our 2 young children moved back to my parents & our house is sat empty. it isnt currently liveable as it needs work doing that we cannot afford to do. we want to vol repo but i'm worried about if it was sold there would be a shortfall as i dont think the sale would cover our mortgage.

garyj123

Thanks for the advice, just wondering if you think you would have trouble in the future getting a mortgage? I have got the form today from the bank for voluntry repo and on it, it says about me been liable for any shortfall or expenses accumulated but i was told by someone else on here not to sign it just send the form back with your keys. I am planning on going bankrupt next month anyway when all the house business is sorted so they aint gonna get any money anyway.

garyj123

If i could sell the house i could possibly get enough to cover the full amount owed, its just a case of how long its going to take to sell it as i will scraping together the money each month for it and also getting more in debt with it too with each monthly charge. I have no money up front so would have to find a solicitor and estate agent who would be willing to be paid after the sale but as with a lot some come with catches so if after 6 months i decide to go voluntry repo then they would charge me anyway. does anyone know if repo has a really long lasting effect on getting a mortgage in the future? i have heard on the news that there are so many million going repo now because of the economy so surely in the future the banks are not going to turn all these people away when things do improve??