Mortgage Lenders - Halifax

I have a small 1 bedroom flat, i have not been repossesed but i cannot sell my house at all. The situation is that all my neighbours (who cant sell either) have rented their flats out, bringing in some low life as my new neighbours. It seems less likely i will manage to sell and now im struggling because i have no job. What is the best way to lose my house in this situation ?? Is there anyway that i can sign my house over to a leasing agent or something that will take all the responsibility of it away from me so that i can get on with my life?

-- coco (lhad1888@hotmail.com), November 04, 2002

Answers

If by "signing over" your flat you mean "selling", then yes that is the best thing to do. Even if you have to take a few thousand loss on the sale, it is better to do that than to be repossessed or to hand in the keys. You can often force the lender to let you sell at a loss on the proviso that you will pay the lender the difference. You may need to go to court to achieve this.

There is no way of merely signing over the responsibility of paying your mortage though.

Your next stop should be the Do's and Don'ts list in the "Repossession" section of this site.

-- Lee (repossession@home-repo.org), November 04, 2002.

You could also try explaining the situation to a Housing Association and sell it to them, there may be a regeneration project in your area. Try your local council too. If you are unemployed and claiming benefit contact your local jobcentre, they may be able to help with mortgage repayments. It might be a good idea to contact your lender and explain the situation as well. If push comes to shove I think it's better to hand the keys back in order to avoid a money judgment order. Try and avoid repossession at all costs. For free professional advice try your local CAB. If you have any further questions just post them up. Hope this helps,Good Luck.

-- M Amos (idgroms@hotmail.com), November 05, 2002.

Thanx for the info. Im gonna start looking into a couple of your suggestions. Whats the difference between handing in keys and reposession ?

-- coco (lhad1888@hotmail.com), November 07, 2002.