House Repo'

Islandman

Hi, Went to to see the CAB today regards our BR, told him we were self repo'ing the property, we have moved out, ( neg' Equity) & asked should we keep paying for building Insurance & council tax, he said no as long as we inform council it is empty & inform mortgage company it is empty & no longer insured.

This seems to conflict with what I have read on this forum, perhaps, DD or Fermi, or someone else can advise.

Thanks.

Bella_Smythe

I'd like to know the answer to this too as we will shortly be in the same boat :eek:

debt_doctor

Hi,

Our council will end an owners liability when the lender accepts they have voluntarily repossessed the property or a court has ordered the repossession. They do not accept 'abandonment' as possession.

With the insurance, I believe a similar situation arises in that the property will be your responsibility until voluntary possession acceptance by the lender or possession through the courts.

DD