Property 5 years after Br

sizzler

Good Morning,

Its been a long time since I was last here. Good to see some familliar faces.

Heres the Question.

I went BR October 2009 and discharged May 2010. I kept on our familly home during Br an ex council flat in Negative Equity. We still live in flat and OR has never bothered us about it. Ok Current value £60K if you could sell it that would be bloody hard round here lol Mortgage £54K.

I dont want to go into detail but due to seriousness of incident in lower flat. we need to move now!!!!!!!!!!!!!!!!!!!

Am i right I can hand keys back to Mortgage company and walk away. not bothered if theres any profit. Just want rid before me and wife are hurt. Would costs if any be covered by BR?

Secondly whats the best way to go about renting in my position?

We are both working.

Thanks sizz:)

National_Debtline

Hi sizzler

I'll try to answer concisely (for a change!)

sizzler wrote: »

Good Morning,

Its been a long time since I was last here. Good to see some familliar faces.

Heres the Question.

I went BR October 2009 and discharged May 2010. I kept on our familly home during Br an ex council flat in Negative Equity. We still live in flat and OR has never bothered us about it. Ok Current value £60K if you could sell it that would be bloody hard round here lol Mortgage £54K.

I dont want to go into detail but due to seriousness of incident in lower flat. we need to move now!!!!!!!!!!!!!!!!!!!

Am i right I can hand keys back to Mortgage company and walk away. not bothered if theres any profit. Just want rid before me and wife are hurt. Would costs if any be covered by BR?

If the flat ends up selling for less than the outstanding mortgage then any shortfall owed would "prove" in the 2009 bankruptcy. If the mortgage lender asks you to sign anything now, don't.

sizzler wrote: »

Secondly whats the best way to go about renting in my position?

We are both working.

Thanks sizz:)

Start looking now! As you have decided it's a matter of when you leave this flat, not if, you should think about putting aside whatever you can for a deposit (not to mention the fact that new landlords may ask for two months' rent upfront). Then you may also have private lettings agencies' "admin fees" to factor in as well... You could stop your mortgage payments on the flat now and instead divert those monies towards saving these funds up, if that helps.

Bear in mind that renting privately will most likely involve you undergoing a credit check (especially if you're searching via agencies - some smaller landlords might prefer to handle things themselves through sites like Gumtree).

The 2009 bankruptcy will still show on your credit file but I don't think that will scupper you completely - landlords will be more interested in proof of regular income, in my experience.

Kind regards

Dennis
@natdebtline

tigerfeet2006

Don't forget you will be responsible for the council tax until the flat is repossessed and that that won't go into your bankruptcy.

sizzler

Thanks for the help.

We have found property and should have keys by the end of the month.

:j:j:j:j