Slowly moving towards repossession

Legacy_user

I delcared BR in December.

We've made only one mortgage paytment since - this wasn't even the full amount. Halifax look like they're starting the repossesion routine as we have a chap from Ascent (Halifax's contractor) coming round on Monday to discuss the situation (they've made it clear they're not collecting payments for Halifax, just making a field report).

Don't worry, I know not to sign anything. I want rid of the property so I won't be contesting anything.

Can I be absolutely sure that once the property is repossesed that I will not be liable for any shortfall?

I mean, I know it's been said many times on here, but is there any chance that Halifax will find some way of wriggling around and finding me liable? Would the fact that I made one mortgage payment after declaring BR make a difference - as in 'reaffirming' the loan or something? (sorry if I'm vague, just read that could be a possibility somewhere else).

I just want to be sure in my head, I guess.

Thanks.

tigerfeet2006

You can be very sure in your head if you don't sign an acknowledgement that when the house is sold and the debt becomes unsecured that it will fall into your BR. Just be aware that until such time Halifax can chase you for the money.

alastairq

I mean, I know it's been said many times on here, but is there any chance that Halifax will find some way of wriggling around and finding me liable? Would the fact that I made one mortgage payment after declaring BR make a difference - as in 'reaffirming' the loan or something? (sorry if I'm vague, just read that could be a possibility somewhere else).

bankruptcy included all unsecured debts.

Once the house is sold, any shortfall owing on the original mortgage [loan] becomes unsecured, and since the mortgage 'pre-dates' the bankruptcy, the unsecured balance [shortfall] then falls into the bankruptcy.

Just don't sign any documents [at all, is helpful] requiring you to accept responsibility for any subsequent shortfall on the mortgage......[it's a trap, in other words].

What you may have come across elsewhere, is reference to jointly-held mortgages whereby the house was sold [repo'd?] , but one party to the mortgage has petitioned bankruptcy...the mortgagor is then able to pursue the other party for the 'shortfall' in its entirety.