had a conversation with my mortgage and now i'm a bit confused about the br

tickled_pink

We are due to move into rented accom next week and as such we haven't paid the mortgage this month. I answered a witheld call this afternnon and it was the mortgage company wanting to know where their payment was etc.

We got onto the subject of them helping us etc when I accidently let slip (stupid I know) that we were thinking about handing the keys back and thinking of going bankrupt but we haven't made any definate decissions yet (we have but didn't want them to know that)

The lady on the phone said it wouldn't matter if we handed the keys back, although they wouldn't want us as it causes them hassle bur if we did the shortfall is no longer included in bankruptcy as of april this year.

Is this true or are they just trying to scare us? Although we are moving hand sending thr keys back next week we won't be going br till then end of july at the earliest.

Any help is apprieciated
Pink x

Ineedaname

I've not heard anything on the forum about a change in the rules from this month. I think she was just trying to scare you. As long as you don't sign anything admitting liability for the shortfall then as far as I am aware it still goes into your BR when the property is sold.

Nope, they don't like having the keys back, but they can't do a lot about it if you surrender the property and keys to them.

fermi

They are talking nonsense.

tickled_pink

Thank you. Its very reasuring to know its not true, was starting to worry abit about it all.
Thanks so much for your help I honestly don't know what I would do if I hadn't come across this forum x

debtinfo

ring them back and ask them to spell out exactly what they mean, im sure the OR would love to know

fermi

It would be interesting to hear what piece of legislation came into force to do that?

Perhaps The Fictional and Convenient Insolvency Regulations 2011 ?

tickled_pink

I'm going to give them a call back tomorrow and ask them what they meant by it and where this info can be found. See what they say.

NeverAgain_2

Perhaps the advisor was deliberately splitting hairs to scare the OP.

The advisor can say the mortgage is not included in the bankruptcy because it is a secured debt.

When the security is sold for less than the sum outstanding, the shortfall falls into the bankruptcy, as we all know.

The bit about 'from April' may have been made up on the spur of the moment.

debtinfo

although the OP said the the mortgage providor said that the shortfall would not fall into the bankruptcy not the mortgage wont fall into the bankruptcy.

but then again that would be splitting hairs to:D

Ineedaname

Hmmm, methinks inaccurate and misleading advice warrants a complaint here. Splitting hairs or not, if the OP didn't know about this website they may not continue down the BR/vol repo route as a direct result of the conversation with their mortgage provider.

HOLIDAYMAD_2

Ineedaname wrote: »

Hmmm, methinks inaccurate and misleading advice warrants a complaint here. Splitting hairs or not, if the OP didn't know about this website they may not continue down the BR/vol repo route as a direct result of the conversation with their mortgage provider.

Lenders do not take any motice of MSE.