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hi,
looking for some help and advice please.
My parents couldn't afford to pay their mortgage (which has a suspended posession order on it) so they rented the property out (has been rented for the last 3 years) and moved into a much smaller, cheaper rented property .
All was well for best part of 3 years and they managed to pay the mortgage via the rental income (mortgage is interest only) until the tenant stopped paying and did a runner, the property has also been left in dis repair.
They have informed the mortgage co of what is happening and that their arrangement will likely break this month because of the situation with the tenant.
i explored assisted voluntary sale with their lender but was told this isn't an option because they can't continue to pay the interest on the mortgage.
So as I understand it, its repossession or voluntary surrender.
I understand the repossession procedure very well, but i don't quite understand voluntary surrender.
Will signs be put up in the property windows the same as a repo (they have a pride issue here, its a very small village). Do they get time to clear their things (they have a few tables/chairs etc in there and furniture in the loft) if so, how long?
They wanted to keep the grass cut and keep the place clean and presentable for sale, in order to keep any potential shortfall as low as poss, but as i understand it, this isn't an option, sadly.
Shelter don't seem to be able to help much in this instance, so i'm wondering if someone can advise or point me on the right direction?
thanks in advance
looking for some help and advice please.
My parents couldn't afford to pay their mortgage (which has a suspended posession order on it) so they rented the property out (has been rented for the last 3 years) and moved into a much smaller, cheaper rented property .
All was well for best part of 3 years and they managed to pay the mortgage via the rental income (mortgage is interest only) until the tenant stopped paying and did a runner, the property has also been left in dis repair.
They have informed the mortgage co of what is happening and that their arrangement will likely break this month because of the situation with the tenant.
i explored assisted voluntary sale with their lender but was told this isn't an option because they can't continue to pay the interest on the mortgage.
So as I understand it, its repossession or voluntary surrender.
I understand the repossession procedure very well, but i don't quite understand voluntary surrender.
Will signs be put up in the property windows the same as a repo (they have a pride issue here, its a very small village). Do they get time to clear their things (they have a few tables/chairs etc in there and furniture in the loft) if so, how long?
They wanted to keep the grass cut and keep the place clean and presentable for sale, in order to keep any potential shortfall as low as poss, but as i understand it, this isn't an option, sadly.
Shelter don't seem to be able to help much in this instance, so i'm wondering if someone can advise or point me on the right direction?
thanks in advance
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