Backrupcy for pensioners

Alex_the_lad

Thanks for the advice. Basically my parens have stopped paying the Mortgage on the old house and they're moving into the new rented house on Saturday. The mortgage company have taken to sending a person around to discuss the mortgage. The first couple of times I've answered the door and it been a case of him askinng for my parents, me asking who he is and then him asking who I am (round and round we went). I've basically told him we want to deal with him in writing and he keeps calling. He insists that we need to sign a form before we can go into Voluntary surrender of the house - obviously I know what that's all about.

Sorry for the ramble but here's the question bit!

Given that my parents are a week and a half away from bankrupcy is it better just to let the OR deal with the house rather than Voluntary surrender as it is already clear that the Mortgage company aren't going to make things easy for us? In terms of the house resting empty we've explained the situation to the local council and we won't be liable for council tax for 6 months as long as the house is empty and the building insurance won't be too expensive so from that point of view we're not too worried about holding onto the house whilst the OR does their thing.

Thanks!

nervousmother

If the form is signed and dated before going BR then there is nothing that they can do, that debt will be written out by the BR..

The OR wont have any interest in the house unless there is equity in it.. as the mortgage is a secured loan they will still ahve to deal with the mortgage company