Voluntary Surrender NRAM

tiggerbodhi

Hi and welcome, just want to say that BR is not the "end of the world" it maybe a year of two of financial pain but often a lot less than you have at the moment, it is no failure to do it, it is taking charge of your life and that of your family, not being bullied, pushed about and basically harrassed by creditors, as for some of Eello's comments really are not in the "real world"

i.e. If your mortgage debt is £120k (including any secured debt) and the house is sold at auction for £60k then you will be liable for the remaining £60k debt. This debt will be active for 12 years (unlike other debt which is active for 6 years). Once you have gone BR all the shortfall becomes unsecured and goes into your BR, after 6 years it goes from your credit file, doesnt matter whether it is £6K or £60K for the future.

Once we start coming out of recession and property prices pick up, your house might regain some of its value (especially if you make overpayments) and you'll be able to sell it for a reasonable amount and move into a more appropriate home. behave, only a complete idiot will think that house prices will recover enough to clear the shortfall the OP has,

As CCCS have advised and others probably will if BR is best for you it probably is, how much it is for is irrelavent, trust me when you walk out of the court after doing it the relief is very very tangible.

Voluntary Repo is the easiest way, avoids a long drawn out process, the "numbers" are better if VR (but that doesnt really matter either way if you are going BR) don't sign anything or get it checked first, just write a letter saying you are VR'ing, then send all the keys back recorded delivery, cancel all utilities and the mortgage company will aknowledge the reciept, will probably change the locks and inform you once they have formally taken possesion.

Good luck, come back with any questions or for support from people who have been there, done it and got the Tee Shirt, (from my allowable clothing expenses on my SOA):)