MikeJP Posted March 31, 2009 Report Share Posted March 31, 2009 Sorry, But sound funny I have a possible tenant. They tell me that due to lack of work, they are handing the keys back to the mortgage Co. DUH I thought, there was lots of alternatives. These days So why give back the keys? IS this possible? It seems they are with Northern Rock. I cannot understand, They are not being evicted, They have, so they say a £1k mortgage, Which they cannot afford. and are leaving early to avoid any ?????? I dont under stand Why they need to leave. Why do they need to rent. CAN THEY AFFORD TO RENT? As never tenant before. ( they say) Cannot check with landlords2gether. DUH HELP Link to comment Share on other sites More sharing options...
Gee Posted April 1, 2009 Report Share Posted April 1, 2009 Sorry, But sound funny I have a possible tenant. They tell me that due to lack of work, they are handing the keys back to the mortgage Co. DUH I thought, there was lots of alternatives. These days So why give back the keys? IS this possible? It seems they are with Northern Rock. I cannot understand, They are not being evicted, They have, so they say a £1k mortgage, Which they cannot afford. and are leaving early to avoid any ?????? I dont under stand Why they need to leave. Why do they need to rent. CAN THEY AFFORD TO RENT? As never tenant before. ( they say) Cannot check with landlords2gether. DUH HELP Link to comment Share on other sites More sharing options...
Gee Posted April 1, 2009 Report Share Posted April 1, 2009 Try listing the pros and cons. Pros - they are interested in your house. Cons - No money, no work, no references, deeply in debt to mortgagor......... I think you know the answer! Gee Link to comment Share on other sites More sharing options...
Melboy Posted April 1, 2009 Report Share Posted April 1, 2009 Ridiculous scenario....... £1000 mortgage works out at £10 a month on a repayment mortgage. Mel. Link to comment Share on other sites More sharing options...
Selkirk Posted April 2, 2009 Report Share Posted April 2, 2009 Steer well clear cheers Selkirk Link to comment Share on other sites More sharing options...
MikeJP Posted April 2, 2009 Author Report Share Posted April 2, 2009 Ridiculous scenario....... £1000 mortgage works out at £10 a month on a repayment mortgage. Mel. I assume they mean 1K per month. BUT still for example mortgage for £200k PROPERTY now only worth £150 HOW can they just hand back the keys. Who is in the dream world here. OK in the great US of A. I understand that you can, just hand the keys back, and no more debt. BUT over here in cloud cuckoo land. You hand back the keys, YOU are still liable for any and all shortfall. THAT, is how I understand it. Maybe some one who works for Northern Rock could explain it. Or is it me being thick? Would not be the first time BUT.!!! Link to comment Share on other sites More sharing options...
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