Response to Surrender of Keys Agreement - HALIFAX

I hate to be the bringer of doom and gloom when I see these posts. The stress of negative equity may simply translate into the stress of being chased for the shortfall + horrendous costs for the next twelve years. Did the Halifax pressure you into this action? Did they not explain what would happen if you did this? If you can,I would get the keys back and sell for the best possible price you can get. Yes, there will be a shortfall but that is easily negotiated with the Halifax who will likely settle for an agreed sum and you'll be finished with them. By handing the keys back, you've created a bigger problem - believe me, I did exactly the same and am still being chased over eleven years later. It's not a good move. If you sell, you have far more leverage than if you are repossessed. Don't sign that form whatever you do; it's an Income and Expenditure evaluation to find out how much you will have to pay them every month - this is on top of your rent etc.They do not take credit cards and loans into account when they work out disposable income and the Court (if they get a MJO) will not be particularly sympathetic. I do hope that you have some time to think about this!

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