voluntary surrender of home

stella11_2

i am not sure if this is the correct forum to post this on but i am hoping for some advice...

do you have to be bankrupt to voluntarily surrender your home?

i have a property with the ex that neither of us live in, and that just won't sell, so we are stuck paying half a mortgage each for an apartment that neither of us want.
he has now said that he can't afford to pay his half, so i am starting to panic. one of my friends suggested voluntary surrender, but i am unsure of what this actually is.

is it simply a case of handing your keys back and forfeitting your house, or do you have to declare yourself bankrupt, which i don't want to do. do i have any other options?

curly04

Hi
Is there any equity in the property, as you will both be liable for any short fall and costs by the mortgage provider

stella11_2

curly04 wrote: »

Hi
Is there any equity in the property, as you will both be liable for any short fall and costs by the mortgage provider

Probably a small amount of negative equity. What are the costs of the mortgage provider like?

GloucesterGal

Hi I am just going through a similar situation having tried to sell my house since the beginning of the year. I have just been advised by CAB that you don't have to go bankrupt to 'hand in your keys' BUT be aware that they will probably sell your house at auction which means very little for your house, and you will STILL be liable for the difference.
Hope this helps! Still struggling to decide what to do myself!