gone BR can i go for repossession?

tululajac

hi again
hope that someone can help with this one
we have decided that we would rather cut our losses and go into rented accom instead of staying in house-we feel that we can cope at moment but if interest rates rise would end up in same circmstance again

mortage and secured was upto date til now so palnning on being out of the house in 3 months tops
heres the question
is it best to go for voluntary repossession or just for repossession from lender?
what i have found out is that the lender may want us to sign a deed of acknoledgement, which we don't want to do, but that if its a straight repossession any short fall would be included in BR

any feedback on this would be gratefully received

cheers

peachyprice

If you don't sign a deed of acknowlegement the mortgage co. probably won't let you do a voluntary repossession.

It won't make any difference as to the shortfall being included in BR, if you let everything take it's course you'll likely have more time.

Walter_J

If you've gone bankrupt then surely you don't need to do anything - the OR will take care of everything.

If I was in your shoes my main concern would be finding somewhere to live. It's a pity you didn't sort that out before going bankrupt!

peachyprice

Walter_J wrote: »

If you've gone bankrupt then surely you don't need to do anything - the OR will take care of everything.

If I was in your shoes my main concern would be finding somewhere to live. It's a pity you didn't sort that out before going bankrupt!

No, the OR will not deal with a property with no equity, you have to deal with it and the lenders yourself, the OR only gets involved when the property is actually sold and the shortfall realised.

It doesn't have to be sorted before BR and makes no difference to the repo process.

fiveyearplan

You can use this as a 'rent free period' and save up for the deposit and rent on your new place.

Hi WalterJ - not seen you for a while!