voluntary repossession ????

SUPERMCNATURAL

hi just wanted to ask what the implications of this are:

currently we have a together mortgage with NR (50k plus 10k loan), we have had the flat valued and taken a massive hit on the price -now only worth 40k at best ,we have had the mortgage 5years and making no head way .currently my partner was made redundant and now doing a min wage job ,and im due to graduate this summer .My partner has now been offered a job in dublin earning substantially more ,however we cant afford to sell ,or keep the place on when we move ,and the rental market is saturated ,unsure what to do ?????

we are possibly thinking of cutting our lossess ???????

Raggie

Sorry to say... Cutting your losses is not an option.

You have already lost. The bank want their money. You can't just walk away.

SUPERMCNATURAL

not xcut our losses in the sense of not paying -but if we handed the keys back then it would force nr to sell and we would then have to pay the outstanding -as it stands they have said they will block any sale under the full outstanding

VIGILANT22

Are you aware of the implications this could have?....You may well see your size of debt increase.......

blueberrypie

Either way, you would have to find whatever was owed to NR.

If you sell, you will have to find the difference between the selling price and your mortgage balance.

If you stop paying and NR sell, you will have to find the difference between their selling price (which may well be lower, as they will want to sell fast) and your mortgage balance - plus costs. And they can chase you for it for years (up to 12, I believe). And your credit rating will be shot to pieces - you'll have trouble getting another mortgage, a loan, a new bank account, a credit card, and some kinds of employment.

SUPERMCNATURAL

my concern is we are in that much negative equity that it will take forever to get out of. especially with min wage jobs ,we have better chances of getting higher paid jobs in the republic of ireland

Raggie

Ok you have asked for opinions, they have been given.

If you still think walking away will work for you then go for it.

however there are implications in doing that, walk with you eyes open.

SUPERMCNATURAL

ok raggie wind ur neck in ,was just asking (silly me thought this was a discussion board)

Thrugelmir

SUPERMCNATURAL wrote: »

my concern is we are in that much negative equity that it will take forever to get out of. especially with min wage jobs ,we have better chances of getting higher paid jobs in the republic of ireland

Do some research first. Dublin is an expensive City to live in. Eire has been hit hard in the downturn to.

SUPERMCNATURAL

thrugelmur ,thanks but have looked into that ,his salary will bee up by £15k and in terms of graduate positions its difficult everywhere .based upon averages wages versus cost of living : as expensive as dublin is its still better for us .also have spent time looking into this move ,we spend alot of time there as my partner is from dublin

Dan_1976

You can walk away but the only way to do this is by handing the keys in you. You will then still be liable for anything left outstanding from the sale including fees.

The only way out of this cleanly is to declare your self bankrupt. You may want to do that before you give the keys back and after you have found a place to rent.

You wont be able to buy for a while, in this climate 6 years. You wont work in financial services until 2 years.

If your repo'd this will be the same, but with interest and fees added I imagine you will still owe a lot.

Then again, I dont know if in the republic they will check your credit file in the UK?

Good luck

This has lots of negative implications