Voluntary Surrender With NRAM

oldmanrob

Hi
I am new to this site and I am after a bit of advice aboutvoluntary repossession. Basically longstory short, work has gone down my end and basically working a couple days hereand there. With the way work has been I wentfor an interview and have been offered a job in Scotland 400 miles away from myowned property. I have a place to stayfor a month but after that time I am going to be looking for a rentedaccommodation and I cannot afford mortgage and rent, so to me this seems likethe only option. Although I do have anappointment with CAB tomorrow to see the best option but have no paperwork from NRAM which doesn’thelp. I have asked for our repayments tobe dropped due to hours but they have refused me as not in arrears!

What I am after in basic terms is answers if anyone has any:
Do I still have to pay mortgage on a house I have given up?
Do I still have to pay buildings insurance?

Do I have to pay legal fees when the house goes back or doNRAM pay that? If yes does it get put back on top of what I owe or lump sum?
How much can they take back a month after the shortfall?

I understand I have to pay shortfall as I am not (or tryingnot) to declare bankruptcy .

Thanks for the help in advance
Rob

antrobus

oldmanrob wrote: »

....
Do I still have to pay mortgage on a house I have given up?

Yes. At least until it's sold.

oldmanrob wrote: »

....Do I still have to pay buildings insurance?

*&^! yes. If it burns down with your name on it, you're stuffed without insurance.

oldmanrob wrote: »

....Do I have to pay legal fees when the house goes back or do NRAM pay that? If yes does it get put back on top of what I owe or lump sum?

If it's repo'd NRAM will pay the fees and stick them on to your account.

oldmanrob wrote: »

....How much can they take back a month after the shortfall?

Don't understand the question.

Probably some more detail might help. Such as value of property, outstanding mortgage etc. Other options might be available, such as renting property, or selling it yourself, as you may get a better price than through a repo sale.

oldmanrob

Thank you, basically NRAM have told me that I don't have to pay the mortgage once the keys have been handed over but they will charge me interest until its sold maybe I mis-understood (I thought added on to the total). Mortgage needed is 57,000 we've been valued at 55,000 but looking at more 50,000. Unsecured loan takes us to £67,000 obviously can't afford to move if they charge £200ish a month as basically its a mortgage in itself.