Hi
I am new to this site and I am after a bit of advice aboutvoluntary repossession. Basically longstory short, work has gone down my end and basically working a couple days hereand there. With the way work has been I wentfor an interview and have been offered a job in Scotland 400 miles away from myowned property. I have a place to stayfor a month but after that time I am going to be looking for a rentedaccommodation and I cannot afford mortgage and rent, so to me this seems likethe only option. Although I do have anappointment with CAB tomorrow to see the best option but have no paperwork from NRAM which doesnthelp. I have asked for our repayments tobe dropped due to hours but they have refused me as not in arrears!
What I am after in basic terms is answers if anyone has any:
Do I still have to pay mortgage on a house I have given up?
Do I still have to pay buildings insurance?
Do I have to pay legal fees when the house goes back or doNRAM pay that? If yes does it get put back on top of what I owe or lump sum?
How much can they take back a month after the shortfall?
I understand I have to pay shortfall as I am not (or tryingnot) to declare bankruptcy .
Thanks for the help in advance
Rob
I am new to this site and I am after a bit of advice aboutvoluntary repossession. Basically longstory short, work has gone down my end and basically working a couple days hereand there. With the way work has been I wentfor an interview and have been offered a job in Scotland 400 miles away from myowned property. I have a place to stayfor a month but after that time I am going to be looking for a rentedaccommodation and I cannot afford mortgage and rent, so to me this seems likethe only option. Although I do have anappointment with CAB tomorrow to see the best option but have no paperwork from NRAM which doesnthelp. I have asked for our repayments tobe dropped due to hours but they have refused me as not in arrears!
What I am after in basic terms is answers if anyone has any:
Do I still have to pay mortgage on a house I have given up?
Do I still have to pay buildings insurance?
Do I have to pay legal fees when the house goes back or doNRAM pay that? If yes does it get put back on top of what I owe or lump sum?
How much can they take back a month after the shortfall?
I understand I have to pay shortfall as I am not (or tryingnot) to declare bankruptcy .
Thanks for the help in advance
Rob