voluntary repossessiongreenspun.com : LUSENET : Repossession : One Thread
I have heard that in a 'voluntary repossession' that the bank can choose 'to accept' it or not. Can anyone confirm? Also I believe that the owner is liable for all the mortgage interest up until the house is resold - though I imagine that some people stop paying as soon as they send in the keys?
-- p j deane (firstname.lastname@example.org), July 05, 2003
A voluntary repossession is essentially where someone hands the keys in before or during court proceedings voluntarily. So therefore the lender cannot choose to accept or deny, however on past experience i would always recommend trying to sell the property yourself as most lenders are more interested in selling quickly than getting a fair price to mitigate their losses. This is even more important if you have 2nd or even 3rd charges on the property.
Yes lenders charge and calculate interest to the account until the date of sale and then this is worsened by sales costs, legal costs, maintenance costs, insurance costs etc etc
Yes most people stop paying before they hand the keys in let alone upto the sale date.
-- fairer financial world (email@example.com), July 09, 2003.