step change wouldnt refer me on for advice?

xxemmaxx_2

tiggerbodhi wrote: »

Hi, I went down the VR route, be very careful with signing anything from the bank, they may try to get a form signed that makes you liable for any shortfall whether you go BR or not, by posting the keys back and surrendering the property you have VR'd but until it is "officially" in the banks possesion you are responsible for Council Tax (you will get a rebate after 6 months if un-occupied), you should have had a confirmation letter from the bank saying they have taken legal possesion, if you havn't get one as you are legally responsible for insuring the property and council tax until then.

The bank under their code of practice have an obligation to get the best price possible for your house in a reasonable timescale, keep the pressure on them in writing, emails will do, if it is with the hands of a local estate agent it can be worth "causing them a little itch" to keep them focused.

The good news (well sort of!) is you can get on with your life as it stands, do not make any further payments to the Mortgage or bank, get yourself ready for BR, get a basic bank account, save the fee, get your SOA ready along with the BR forms, once the property is sold you will get a letter from the bank along the lines of "your mortgage with us was £140K, we just sold it for £35K, your missed payments and our charges are £10K therefore could you write us a cheque or come to an arangement for the other £95K, at this point you fill in the "blank" on your BR form for the £95K and file for BR.

Apologies if I talk out of turn but at the point above where you go BR if it was a joint mortgage the bank will go to your ex for the £95K instead, Karma is a wonderful thing.....

Good luck, there is an end, dont feel guilty for the failings of the banks that got you into this.

Thanks for your reply

i Havent received any formal correspondance from the bank, not even to say that they received the keys, I also havent signed anything to say im liable for any shortfall... maybe i shouldnt mention to them again to send out anything for me to sign in terms of vr.

what could i do in terms of the "Itch" with the local estate agent, i have never been in contact with them as the bank was taking care of the sale of the house and chose them as the estate agents.

Brilliant advise thank you so much, i intend to get on with it as much as possible but its something thats hanging over my head and i cant seem to sleep with worry at the minute, not good with a new baby on the way,

you havent spoke out of turn at all, he will deserve all that he gets, he has walked away from all financial responsibility including that of his lil boy. what devastates me is that they will go for him, he will also file for br as im sure he has a 1001 debts lined up just waiting to be included in the br, and he will get the fresh start he wants... its my poor sister im loosing sleep over, she isnt in any position to pay anything her house is also in negative equity and she has unsecured debt that she makes repayments on, she is gaurantor on the mortgage and in no way in a position to pay towards anything, so i dunno whats going to happen once again him and his family walk away unaffected, but thats life .

thanks again for your advice... i really dont know what i would do without this forum at the min and everyones contributions, i really hope i can once return the favour when i see the light x

xxemmaxx_2

one2escape wrote: »

Emma we are in a similar position. We contacted cccs/stepchange but we where transfered to someone in Limavady. We have to leave our house as we cant afford to maintain the house (the house needs around 20k or repairs and are in a similar amount on negative equality as you) and are moving into rented house on Friday. We where advised to try and hand the keys back to the mortgage company but not to sign the forms. Our mortgage company will not allow this so we just have to wait till will finish saving for our bankrupcy fees. I would try and ring them again as the girl we spoke to was very helpful.

Hi One2escape,

my heart goes out to you too, circusmtances of property in northern ireland is just ridiculous isnt it And hindsight is a wonderful thing. I also moved into rented accomodation but im not the position to do it anymore either, so im moving into a mobile home to save eve more on the rent every month, again ive no unsecured loans and i dont want to rely on them to fuel my living, im doing all i can at the minute without going down that route.

I just went into a local branch in jan and asked them to send the keys down through internal mail, they have been trying to sell the property since and never got me to sign any forms whatsoever...

if you dont mind me asking do you have unsecured debt also or are you in the same position as me in that you just cant afford mortgage payments and the shortfall of the property is going to massive that your ony choice is br??

Thanks for replying, please keep in touch, horrible circustances but be nice to keep eachother updated being from same country and that x

one2escape

We can afford the payments but due to the investment to get the house up to standard its not viable to do it as it would push us over limit (out SOA is coming out level) and it just doesnt make sense in pumping money into a house to bring it up to standard. The house is worth around £35k and to put £15 - £20k into with negative equality of £70k was just not advisable. However will a moving into a "good" area now so that is a big positive.

tiggerbodhi

xxemmaxx wrote: »

Thanks for your reply

what could i do in terms of the "Itch" with the local estate agent, i have never been in contact with them as the bank was taking care of the sale of the house and chose them as the estate agents.

Be a very very nice sweet pain the ar5e, pop in ask them how the sale is going, a copy of the particulars, offfer to correct any mistakes, once you get the individual agents name, ask for him or her by name each time you pop in, even just to chat about the weather, the state of the shop front, or any rental properties in your price range, keeps their focus on marketing your house, doesn't matter what it sells for, you just need it gone.

xxemmaxx wrote: »

its my poor sister im loosing sleep over, she isnt in any position to pay anything her house is also in negative equity and she has unsecured debt that she makes repayments on, she is gaurantor on the mortgage and in no way in a position to pay towards anything, so i dunno whats going to happen once again him and his family walk away unaffected, but thats life .

A bit of a rewind here, is your sister a guarantor on your mortgage? that will make things a tad more difficult and I would seriously take advice from one of the charities on here as any BR will affect her in a big way as well.

xxemmaxx_2

one2escape - are they allowing you to file for br before the house is sold then if you dont have any other loans, credit cards, overdrafts etc basically any unsecured debt? best of luck for your move on friday - be nice to have a new start somewhere nice xx

tiggerbodhi- Yes she is, i have spent years and year paying what i could to keep the bank from going to her, its just resulted in the interest adding up and up and im way over my head now, this isnt a decision ive taken lightenly infact its taken me near 2 years just to get myself thinking about it, i dont want to hurt my sister and i know if i go br they will go to her, what they try and do i dont know as she hasnt a surplus piece of money to her name except for her property which is also in big negativity equity... but what do i do, what choices do i have, in normal circustances a gaurantor isnt even added on so my case it is a bit more complex... but what do i do, i cant just bury my head in the sand pay min interest while my ex pays nothing and my sis cant pay anything, nor should she, so i feel like im backed in the corner and br is my only route... it has ruined me and my sisters relationship forever already and i havent even pursued with anything yet x

tiggerbodhi

You do what is best for you, your health and future, they may go to your sister, but she should have understood what being a guarantor meant, if she is in a similar position maybe BR would be the fresh start she needs as well, but that is her decision as an individual.

BR for me was a weight lifted, yes there is a year or three where you have to be able to account and answer to the OR, but even just putting the forms the relief is tangible.

Go and annoy that estate agent and get your life in a direction for you.

As for filing before the house is sold then the "shortfall" is included personally would phone one of the charities or even the insolvency service for advice.

xxemmaxx_2

tiggerbodhi wrote: »

You do what is best for you, your health and future, they may go to your sister, but she should have understood what being a guarantor meant, if she is in a similar position maybe BR would be the fresh start she needs as well, but that is her decision as an individual.

BR for me was a weight lifted, yes there is a year or three where you have to be able to account and answer to the OR, but even just putting the forms the relief is tangible.

Go and annoy that estate agent and get your life in a direction for you.

As for filing before the house is sold then the "shortfall" is included personally would phone one of the charities or even the insolvency service for advice.

Ive spoken to several charties now they all state to sit put more or less till its sold and then file, as i dont have any unsecured debt br could be turned down, so wait till its an unsecured debt..

but thank you so much you have given me a positive start to my day, cant thank you enough.

tiggerbodhi

xxemmaxx wrote: »

Ive spoken to several charties now they all state to sit put more or less till its sold and then file, as i dont have any unsecured debt br could be turned down, so wait till its an unsecured debt.. QUOTE]

The logic is there, at the moment how can you go bankrupt when technically you dont owe anything, at the moment the bank wont force you into it as you have been paying the mortgage. so do as an earlier reply said...

Rent, wait for the house to be sold, when the bank say "give us the money" for the shortfall, go BR.