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Calling up notice period HELP
Gemzf89
Posts: 4 Newbie
Can anyone help or give advice please
I handed the keys for my house back to the clydesdale bank in July 2011 I wrote a letter to them enclosing the keys as I could no longer afford the repayments, they then boarded up the house and changed the locks, in October 2011 they sent a calling up notice which they chased up in December 2011 and then January 2012 and provided details of the councils local homeless unit, I was under the assumption they were in possession of the house but I have now been fighting with the bank for 18 months because they have said they are not in possession and don't want the house due to high negative equity.
I went bankrupt in august 2011 and have had it confirmed that any shortfall in the mortgage amount would be covered in my bankruptcy but the bank say there is no shortfall because the mortgage still stands, having done some research though it looks to me that a calling up notice ends a mortgage agreement and demand for full repayment is made. We are now 4 years on from handing the house back my question is, is there a time limit on repossession of the house, normally the bank would give 2 months from the time of calling up notice for payment and when they don't receive that they will look to repossess, as it looks like the calling up notice ended the mortgage agreement then the full balance should have been the shortfall which would be covered in my bankruptcy, 4 years later are they still able to take possession if technically the mortgage has been cleared. Hope this makes sense b really looking for help if I am right in my thoughts or not.
Thank you
I handed the keys for my house back to the clydesdale bank in July 2011 I wrote a letter to them enclosing the keys as I could no longer afford the repayments, they then boarded up the house and changed the locks, in October 2011 they sent a calling up notice which they chased up in December 2011 and then January 2012 and provided details of the councils local homeless unit, I was under the assumption they were in possession of the house but I have now been fighting with the bank for 18 months because they have said they are not in possession and don't want the house due to high negative equity.
I went bankrupt in august 2011 and have had it confirmed that any shortfall in the mortgage amount would be covered in my bankruptcy but the bank say there is no shortfall because the mortgage still stands, having done some research though it looks to me that a calling up notice ends a mortgage agreement and demand for full repayment is made. We are now 4 years on from handing the house back my question is, is there a time limit on repossession of the house, normally the bank would give 2 months from the time of calling up notice for payment and when they don't receive that they will look to repossess, as it looks like the calling up notice ended the mortgage agreement then the full balance should have been the shortfall which would be covered in my bankruptcy, 4 years later are they still able to take possession if technically the mortgage has been cleared. Hope this makes sense b really looking for help if I am right in my thoughts or not.
Thank you
0
Comments
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The best way to get reliable advice on this would be to contact the official receiver who dealt with your case
Find out when you were discharged
The liability should be from when the shortfall debt was created
Have they been writing to you over the four years or just approached you
Who boarded the property up
Complete a SARS request for all records on your account, and from that you will see the notes on their computer system which will describe what has happened and when they actuallt took possession of the property
When a property has been surrendered the lender has to sell it within a reasonable timeand must market it straight away0
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