NRAM voluntry reposession

[topolov]

Hi my wife and I are moving abroad in around 6 months. We have been trying to sell the house for the last 18 months to no avail.

 

We have had the house since 2007 and have come to the end of the fixed rate period.

 

We have a NRAM together mortgage total £127k (£112k secured £14k unsecured) the house is on the market for £114950 we have had viewing but no offers. We cant rent the house out as the rent would not cover the mortgage payment. Our credit history is already shot to bits from when my wife was redundant.

 

We are sending money out to the "new" country to set up life out there however we are running out of time to sell the house over here. Once we move we will not be moving back here (other than the odd holiday to see family)

 

We have contacted NRAM regarding voluntary repossession. they say no matter what we are still liable for any short fall - which there will be, and we will have to sign paperwork to say we agree to this.

 

We may not be able to afford repayments to NRAM as well as the mortgage in the new country, however we don't want to go Bankrupt as we will have to declare assets in the new country and therefore put our future life at risk.

 

Please could we get some advice as to what to do? should we give the house back to NRAM sign the forms and negotiate an affordable repayment, or do we just post the keys back on the way to the airport with no forwarding address?

Edited June 1, 2013 by Conniff
removed abuse

[dx100uk]

must admit I like the last option...how many times have we seen nram doing customers over here....

 

sri couldn't resist

 

dx

[citizenB]

Either you go with your last option or delete any reference to being responsible for the shortfall on any forms they provide.

[Conniff]

And there will be a shortfall, they will just sell it at an auction to get rid of it and they don't put reserves on them either.

[citizenB]

Presumably they will make an attempt to sell it at a more realistic price if they become aware that you aren't going to pick up the shortfall

[spamheed]

Whatever you do, DO NOT sign to accept liability for the shortfall, invariably you are signing an agreement to accept liability for any such shortfall prior to your vacating of the property and also at that time you will have no clear idea what costs they will add to the debt, they will have an assurance that you will accept liability so they will add whatever they can....... so effectively you are accepting full liability for an as yet unknown amount of money.

Send the keys back and walk away, plenty of others have done so and as long as you allow a sufficient period to pass, the liability will eventually prove difficult to enforce, if not impossible. If you sign such an agreement, you are giving them a further weapon with which to hit you with.

Edited June 6, 2013 by spamheed

[Debvfm]

I agree with what everyone else has put on here. I have a mortgage with NRAM and they use whatever dirty tactics they can to try to get your home back. Its about time they were on the receiving end of some. You reap what you sow and they deserve it. Good luck to you in your new life. I hope you will be very happy.

[Newborn]

Remember that if you move to a country within the EU they can chase you a bit more easily than elsewhere but it will still be difficult for them. They can take you to court but only in the country in which you are domiciled when they take the action. They can, in certain circumstances, take you to court in the UK and then apply to get the courts of the country you live in to enforce the debt, but they'd have to find you first. It all comes down to if they think they could make a profit.

 

In your position with somewhere to go I'd be looking to burn the bridges! Don't leave a trail.