Re-cap

mr_&_mrs_2

Ok we only have days to go now until the big BR.....

Im panicking about this shortfall.....

to date:

Moved out of house - not paying mortgage

Mortgage company unaware that BR is looming....

If the mortgage goes into the BR how do we make sure that the shorfall is covered once they reppo????

O/H says it will all fall into the BR as long as the whole mortgage amount is noted on the forms....

Im probably just worrying too much ..... but im scared to death that we will be left with this shortfall.....

Sorry to be such a pain ...

fiveyearplan

Hello Mrs. You are absolutely right - you are worrying too much!! All shortfall will go into the BR - that is a fact so no point even thinking about it. The shortfall is what forces a lot of people into bankruptcy in the first place - some never had any other debt apart from mortgage so stop worrying - that takes up too much energy.

Good luck for next week!

mr_&_mrs_2

OOOh im soooo stooopid!

I can see a little light at the end of this tunnel & I just dont want it blacked out lol

fiveyearplan

Don't be silly - you're not stupid it is normal to be worried but if you are going to waste energy worrying don't worry about that!

fiveyearplan

I was discharged over a month ago and I must say my BR was really painless. I had a complicated one too with a limited company, sole trader business and PAYE all rolled into one BR. I have learned to live without credit cards - well I stopped using them ages ago but still had them for emergencies.

beentheredonethatstilhere

Don't forget to tell the council when you moved out so they can suspend the council tax for 6 months. Be aware though that if the house hasn't been repo'd at the end of the 6 months you will then be liable to pay 50% of it.

I am assuming you have told the mortgage co. you have moved out even though you haven't mentioned going bankrupt.

mr_&_mrs_2

Informed the council ...... council tax has been stopped for 6 months...

Hvnt informed the mort comp .... Should we?

beentheredonethatstilhere

mr_&_mrs wrote: »

Informed the council ...... council tax has been stopped for 6 months... Brilliant

Havnt informed the mort comp .... Should we?

I would now you are out of the property, so they can get the ball rolling to repo. Trouble is some firms can take up to a year to finally repo and you don't want to be paying that 50% fo 7 or 8 months.

mr_&_mrs_2

Wasnt sure that was such a good idea ..... if they know we have moved out, they may sniff a BR coming & then may string it out....

mr_&_mrs_2

???

Any advice on letting them know....or not...as the case may be...

Do you think they may string out the reppo or do you think they will move quicker....

The insurance company have sent a letter advising that they will inform the council of the cancellation of build ins.....

Which is best ,..... tell them or not bother....

Br within a couple of weeks...

So_Sad_Angel

mr_&_mrs wrote: »

The insurance company have sent a letter advising that they will inform the council of the cancellation of build ins.....

.

Hi.....please make sure that your building insurance is still in place upto repo date ( whenever that will be) ....you can cancel contents insurance as the property is empty but you are still responsible for the bricks & mortar until the lender takes it back.

Hope that helps & good luck with the BR

Angex