voluntary repossession, how to get another mortgage?

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A year and a half ago I handed in the keys on my flat. The flat was in mine and my ex-wife's name, although in our divorce settlement I was given full responsibility for the property. The mortgage lender would not remove her name from the mortgage, as it was in negative equity of approximately 15,000. I stayed in the property after the divorce, and kept paying the mortgage, until I got made redundant. Once I could no longer pay the mortgage I attempted to sell, and was unable to for months. After several months of not paying the mortgage I decided to hand in the keys for the property. I have heard no more since handing in the keys, and have now moved from the area, and given no forwarding address. I am unsure of what I can do now, I would eventually like to get another mortgage with my new partner but will I be able to? Also what happens about the negative equity, and outstanding charges? Please Help!

-- Ray Whitford (ray.mondo@lineone.net), May 21, 2001


Your best bet is probably to start reading this site thoroughly, especially 'Repossession' (and this Q&A board.) This will show the importance of asking the lender to justify the valuation/sale price, and to ask questions about its documentation of any 'debt', eg MJO, sundry 'expenses', etc. You don't want to end up paying out hundreds of pounds for someone to come and clean your front door knob.

You should probably also serve SARNs on lender and credit reference agencies. (Again, see this site under Repossession for details.)

If you want to 'settle' so that you can 'start again', well, many people do, but if the lender sold your house too cheaply you might consider standing your ground.

-- Eleanor Scott (eleanor.scott@btinternet.com), May 25, 2001.

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