NRAM wont accept offer want voluntary repo

minniepink

Can anyone help please. House was originally bought for 89k, there is 120k outstanding on mortgage and secured loans. It has been for sale for nearly a year and NRAM have now started repossesion proceedings. In court 8 weeks ago there was a break given to try and sell it to avoid repossesion.

It has been valued at 45k, tried at auction and it only reached 38k I now have an offer of 44k and NRAM have refused to take it and advised me to do a voluntary repossesion instead which isnt an option as my ex partner is refusing to sign anything.

Where can I go from here?

DannyboyMidlands

So its worth less than a third of what you borrowed? Surely some mistake?

I know house prices have fallen but....................

Thrugelmir

minniepink wrote: »

Where can I go from here?

Incur the costs of repossession.

Tell your ex partner that it merely makes the matter worse for both of you.

minniepink

That a valuation off a national estate agents and its been for sale with various others and hasnt sold. Im trying to sell it to avoid the repossession costs and then it potentially being sold for even less - my partners not bothered either way I think hes going to go bankrupt as soon as this is over anyhow :-(

Thrugelmir

Who is living in the property?

minniepink

No one its been empty for six months, hes refused to pay the mortgage since he left a year ago and I havent been able to pay it for the last 5 months

Thrugelmir

minniepink wrote: »

No one its been empty for six months, hes refused to pay the mortgage since he left a year ago and I havent been able to pay it for the last 5 months

Hand the keys back.

That's voluntary repossession.

minniepink

There not interested in the keys - they need two signatures on a form to say we both agree to the voluntary repossession and he wont sign and the court cant make him I ve already been there with there solicitor and the judge.