Reposession

[ghostbike1]

My 75 year old mother in law should have paid off her mortgage in January - c£26k outstanding. The flat is a 4 in a block ex local authority. It is in a bad state of repair and likely at auction only to make enough to clear the balance (if that). She has now been given a council house. I am keen for her to give the keys to the house back to the bank voluntarily rather than go through court. Any advice?

[redstar]

This is really concerning 75? Was it secured by life assurance policy or an endowment that did not go to fruition.Is it first mortgage or secured ?I would not hand keys back and admit defeat until a was first main mortgage if endowment why did it not cover has she missed a miss sell and given age of your mum at fruition that would be odd. Is it secured loan terms different why outsanding balance check tand c request sars etc. Was life mortgage equity release ? Given your mum's age you need to be specific on type of mortgage or secured lending and when taken out for how long etc

Or was it debt claimed on secured l aspectssimilar to gratis .. lots of aspects on this and outstanding balance does not meet her age so more details please for clarity

[ghostbike1]

Hi Redstar, Thanks for your response. Originally it was an endowment mortgage and she stopped paying and cashed the policy in. It was a small ex LA flat in Scotland so the whole amount is what the flat was bought for. It is entirely of her own doing.