House repo'

Sars49

Hi, not sure what to do. I stopped paying my mortgage to save for BR in July, in Sept' sent the keys back with a letter saying i was going BR & had vacated the property, got a letter today saying I had to go to court end of Nov' for them to repo' the house, we are filing on the 18th Nov', I rang the court & they said I should ring the mortgage company & get a final balance & tell them I was going BR!! It all seems odd, any ideas what I should do? Thanks.

rizla_king

It's normal. They never hurry. It'll go into the BR no matter what the court does.

tigerfeet2006

Also write to the court with your details and reiterate that you don't want to contest the repo and are happy for it to happen.

Just don't sign an acknowledgement from the mortgage company.

Sars49

Thanks Tigerfeet & others, just spoke to the Mortgage Company & they REASSURED us that a secured debt, like a mortgage, CAN NOT be included in a BR, can't wait to tell the OR!:rotfl:

tigerfeet2006

They are technically correct at the moment. While the house is legally yours and hasn't been repo'd then they can carry on chasing you as it is secured and not included in the BR.

Once the house is repo'd then the debt becomes unsecured and it can then fall into the BR. Even if the repo happens after your AD.

Be aware that you are responsible for the council tax until the house is repo'd and this cannot be included in the BR.

fermi

Any mortgage shortfall and costs are provable debts in the BR. The mortgage company is talking bollox.

What BR does not affect is the mortgage companies right to enforce their security on the debt to repay it.

That Act says:

(2) Discharge does not affect the right of any secured creditor of the bankrupt to enforce his security for the payment of a debt from which the bankrupt is released.

You liability is "released" or "discharged" though. If the security doesn't cover it, the remainer goes into the BR as unsecured.

fermi

http://forums.moneysavingexpert.com/showpost.php?p=63168439&postcount=3

Sars49

Hi Fermi, that seems clear enough, thanks for the template as well Although I did'nt tell them they were talking bollox!:D

Grumpy_Shunter

I wish Nram would hurry up and bloody repo my house. I moved out and into rented accommodation in January. Nram still haven't even began the repo process yet.

In fact. I still get letters from Nram along the lines of ' It seems you are a few months in arrears with your mortgage' is there anything we can do to help?

HELLO!!!! I VS'd my house back to you in January.

Deano_66

I stopped paying NRAM in June, went BR in August. Had a letter off them this week saying it's going to court early December, so it's been dealt with quite quickly.