i have posted here before, the situation is fully explained in question above titled '2nd house empty 2 years,can't get tenant, can't afford mortgage. following further meeting with lender (halifax) yesterday, have finally come to the end of the line. lender wants me to continue making normal full payments by end of this month - or else! just don't have the money for this. wanted to try to sell property at a loss(am in process of getting several valuations before end of january)but understand shortfall must be paid on completion of sale, again, don't have this sort of money (10 - 15K) or prospect of borrowing it.Before lender starts proceesings i am obtaining valuations and, then voluntarily handing in keys. any advice whatsoever would be greatly appreciated. I won't be our on the streets, the house i live in is with another lender and, there are no arrears, but i understand, that after repossession hallifax could place some charge on this. did take of mortgage indemnity when mortgage was arranged. H E L P, please !!!!!!! many thanks

(ps, is it advisable to ask them in writing if i may place on market and sell at a loss, even though i have no means of paying shortfall??)

-- debbie regan (regan@sweeney.karoo.co.uk), January 21, 2000

Answers

Get absolutely everything in writing. Verbal agreements count for nothing. Even written refusals of permission to sell count for a lot in court.

Get written offer on the house naming a price. Write to the lender saying that you will pay the difference between the offer and the debt owed. Get lender's written refusal to allow you to sell.

Get copies of *everything*. If the lender does refuse in writing, hand in the keys and keep your written copies safe.

Any subseqent shortfall claim is likely to be reduced to the difference you had originally offered to pay - provided you keep written proof.

Lee

-- Lee (repossession@bigfoot.com), January 28, 2000.