Advise on a couple of things..

Sammy3008

Firstly thank you Miche for your advice by PM

We will be moving out of our property next Saturday (16th) as long as all goes to plan, and looking to vol repossess this place. Now because the mortgage is with the dreaded NR, there pretty adamant on people signing the liabilty for shortfall form. If DH signed this before the date of BR, would the shortfall definately still be included in the BR?

Do we tell NR about the vol repossession before moving out, or when we've gone? And should DH tell them he'll be going BR end of Feb, beginning of March?

Thanks.

MicheH

No problem!

Guys what I said to Sam was if DH signed for vol rep and actually signed the deed accepting liability for the shortfall to get rid of property quickly, then any shortfall would be included in the bankruptcy come March. I was really unsure about that advice so Sam posted for you kind folk to have a look. What do you think? Is this how it would work? I'm really nervous about ever saying it as I might be giving dud advice, and that's the last thing I want to do.

curly04

Doesn't sound like dude advice

Well I hope not this is what CCCS told me to do, and that is what I have done

nervousmother

Thats correct, if the shortfall liability is signed BEFORE BR it makes no difference and is included within the BR, its only if you sign it AFTER going BR that it becomes a problem.

curly04

i didn't sign the forms as it took the bank so long to send them I was BR
so they took me to court
didn't attended, just wrote the judge a letter and explained everything

good luck OP

MicheH

So Sam if you want to go this route it sounds that a call to NR for them to send the forms might be a good idea or if you need the receipt for the keys call in branch and get the forms there (I guess) and probably not a good idea telling them DH is going BR - might stall on purpose, I dunno, just my thoughts.

Sammy3008

MicheH wrote: »

So Sam if you want to go this route it sounds that a call to NR for them to send the forms might be a good idea or if you need the receipt for the keys call in branch and get the forms there (I guess) and probably not a good idea telling them DH is going BR - might stall on purpose, I dunno, just my thoughts.

Thank you. Will hang on until probably Thursday, as then will know 100% whether we've got the rented house (checks still going through, but had a gurantor and help from the BL with a bigger bond etc, so can't see any problems)
What do I say if they ask why, lol? Our honest reason's are because we are in alot of NE, we want out of this area (terrible place to live, and had problems) the house needs so much money spending on it, we can afford the mortgage at the moment, but March it will be going back up to Repayment.

Thanks everyone

MicheH

I suppose the answer to give them is can't afford the mortgage repayments and can rent cheaper else where.

Jaxb_2

We are in a similar situation and were think of vol repo but wouldn't signing the liability document knowing you will be going bankrupt be classed as taking on a debt you have no intention of repaying?

tigerfeet2006

No, because the debt already exsists and exsisted from when you signed the mortgage documents.

Jaxb_2

Wow that was the only thing stopping me from doing this myself again this site is haven of great information,

Thanks