Voluntary Surrender or Repossession?

MissVintage

Hi,

I was previously a landlord and owned properties jointly with my ex-husband. After my divorce I decided to go bankrupt due to the massive negative equity in the properties.

I was discharged early this year. My ex-husband carried on with the properties for a time. As in my earlier posts I have been working with the FOS who are now arranging for the mortgage companies to be forced to clean up my credit files by marking all these mortgages as "partially satisfied".

I am now able to work towards saving and buying a house hopefully in another 4 years.

My ex-husband has now realised that paying the mortgages on these properties is a losing battle and he stopped paying and stuck his head in the sand. Some of the properties are now in the hands of LPA Receivers. I have received a letter from NRAM regarding our former home saying they have applied for a court order for possession.

My question is this - am I better to write to NRAM voluntarily surrendering my legal title but obviously stipulating that all fees, etc come under the bankruptcy and I do not accept any responsibility for such. I am aware of DoA forms and will certainly not be signing anything.

Would it look better in 4 years when trying to buy a house if I can say that properties were "voluntarily surrendered" rather than "repossessed". If it doesn't make any difference then I will ignore the letter and leave them to repossess. I am trying to think ahead to give me the best chance of becoming a home-owner in the future but I am not sure what is best in these circumstances.

Any help would be appreciated.

debt_doctor

Hi,


My personal view is that it wont make any difference. What will matter in the future is how long since bankruptcy discharge, how good your credit rating is and what size deposit do you have.
DD