house repossesion

[jojo1368]

please can anyone tell me if a mortgage company can refuse a voulentary repossesion ??

have split with husband, house is in negative equity, and looks like we may both have to make ourselves bankrupt.

[Rtaxron]

It looks like your house will be taken from you and sold to pay your debts, leaving you both with the remainder..

The Mortgage company doesn't have the power over the Bankruptcy Court.

Good luck.

[jojo1368]

sorry didn't explain very well !

so far i have spoken to the mortgage company and they have said they will only accept voulentary possesion as last resort. and they will only allow it after all other avenues were tried ie selling renting ect.

i had spoken to cab and wasn't told that mortgage company could refuse to accept voulentary repossesion

[Ethel]

No mortgage company will want to repossess - you have a contract with them that will them x amount of �s.
They don't want a house that isn't worth as much as the loan, and the hassle of chasing you through the courts for the monies owing.

They can refuse to accept your offer of voluntary repossession.

[jojo1368]

ok thanks for that ethel

so i guess if they wont accept then we have to make our selves bankrupt and let the official reciever sort it ?

[Ethel]

Or stop paying the mortgage then they'll go to court for a repossession order.

[themas]

Or you sell the house yourself (if you can, in the present market) but if you have a good reason for making yourself bankrupt, it may not be worth the bother of trying. Of course, to go bankrupt you have to be insolvent, so you have to be in arrears with some debts and there is little point in throwing good money after bad, so - if you are completely certain that bankruptcy is your way ahead - you might as well stop paying the mortgage anyway. At least, you can then use some of the money saved to pay the bankruptcy fee.

[jojo1368]

so far have only missed one payment of mortgage but am looking into letting or selling. if neither of those options are viable will go for bankrupcy