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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am in arrears on a mortgage and have voluntarily surrendered

Customer Question

I am in arrears on a mortgage and have voluntarily surrendered the house to the bank. The house will be sold at auction, probably for less than the mortgage, and the bank will pursue me for the shortfall. I have only my pension income and I rent my present home. To what extent can the bank pursue me if I have nothing? Will they take my pension....which will mean I have nothing to live on?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help youFor now please let me know how much the shortfall is likely to be?Alex
Customer: replied 1 year ago.
Sadly the mortgage is huge....£1.7million! The house will be auctioned off and may leave hundreds of thousands of shortfall. No way can I afford to pay that!
Expert:  Ash replied 1 year ago.
Ok. No they can't take your pension. They can claim some of the weekly or ,monthly payments, but just a part.They can't seize your pension just take some of the payments.Can I clairfy anything for you about this today please.ALEX
Customer: replied 1 year ago.
will I have to got to court over all this? more stress and worry!
Customer: replied 1 year ago.
Is it likely that i will have to go to court over this?
Expert:  Ash replied 1 year ago.
It may be you have to go to the County Court.Or if you admit the debt you wont need to.Can I clarify anything else?Alex
Customer: replied 1 year ago.
No, that is very helpful.
Thank you, Alex.
Expert:  Ash replied 1 year ago.
Good luckAlexIf this answers your question could I invite you rate my answer before you leave today.If you don't rate then the site does not pay me for the time I have spent answering your question.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/
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