Voluntary Surrender or Repo - Northern Rock

zeroms

Hi Guys,

I have had collections on the phone today about my property, i moved out straight after my BR into rented and stopped paying the mortgage, the house is worth about 90 and I owe around 98.

I have been advised by NR to voluntary surrender so i am not liable for extra court fees included in a repo, is this the case? I have also read posts on here informing to delete a paragraph on the voluntary surrender forms that admits liability and means I will have to repay the shortfall?

Does anyone have any advise on this please VS or Repo? .......apparently they started proceedings today!

Thanks in advance

fermi

If they have to go to court to repossess, then any court fees will be added to the shortfall total and included in the bankruptcy.

So Northern Rock are fibbing a bit to you there.:rolleyes:

They also get very snotty if you cross that "clause" out on the voluntary surrender forms, and frequently refuse to go through it voluntarily if you do.

Mad of them, but......

To be honest most people here have found it best to not sign any forms at all and just let Northern Rock do it through the courts.

But whatever you do, don't sign any document that states you are liable for the shortfall.

zeroms

Thanks very much, I have literally just been on the phone to them and was told that I would be liable for any court fees and they woudl not be covered in the BR.... scoundrels lol

I will just give them a call and tell them to proceed with repo

fermi

Well, the court fees won't technically get included in the BR until the house is finally sold, but the effect to you is just the same.

They could ask you to pay for them I suppose, but they can't make you. Once the property is sold, they go into the BR with the shortfall.

copier_guy

Your doing the right thing Zeroms.

Bonjour Fermi

zeroms

Hi guys, thanks for the previous advice, I have had a letter today from Wallers advising they are taking me to court for repo, should I do anything? contact anyone? or just leave them to it?

tigerfeet2006

Just write a letter to court or go on the day to say that you have no objections to the repo and are happy for it to proceed.