Truth behind giving back ur keys?

Seagray

I want to hand back my keys to my house... which has equity but hasnt been able to sell....
What am I liable for? The mortgage company says im expected to continue my mortgage payments even if they have the keys. But how can I do that?
Would it all just get added up & added to the bankruptcy?
Thet want us to pay even a small amount untill they sell the property...is that what u all did?

C x

fermi

Seagray wrote: »

What am I liable for? The mortgage company says im expected to continue my mortgage payments even if they have the keys.

Well, they would say that wouldn't they?:rotfl:

Their only legal recourse for you not paying it is court action for repossession, which they would already have (sorta). Then selling the property. It is only an eventual shortfall that they can then go to court again for; but that would go into your BR, so not possible.

tiggerbodhi

Agree with Fermi, the Mortgage company rely on 1: you being ignorant of what your choices are and 2: the Call Centre agent taking the call has an option on the flow chart in front of them for what you are requesting!

You write to them with the keys, recorded delivery saying basically you wish them to re-possess the house, tell them the house is secure, you need to keep buildins insurance going whilst the repo is happening and inform the Council reference Council Tax, some allow you to stop paying, others expect half, some all of it...

For peace of mind tell the police the house is un-occupied and pop past if possible to check still secure until the Mortgage company take possesion.

Don't pay anything from the day you send the keys back, or even wait until the Mortgage company get grumbly after a couple of months of non payment (use this for a deposit or BR fees) then send the keys in, all the shortfall, additional fees (they love these!) will be included in your BR.

Two other things, DONT SIGN ANYTHING they might send you reference re-possesion, they will try it on to get a signature to agree to any shortfall not being included in your BR, also to expediate things agravate the hell out of the mortgage company, they would think nothing of phoning you daily to get a payment, do the same to them to progress the repo.

Good luck