Well, here we are. My second blog entry ever.
As I mentioned in my first, these entries are just me trying to work throught the stress of our position. I am not looking for sympathy with any of these entries, although I'd love to here any constructive suggestions that you have.
Anyway, let's get on with it:
Fri 8th Aug 2008:
I got home this lunchtime to find a pile of letters from both my mortgage providor and the secured lender ("2", if you remember from my first post). It feared that the stress that I had before was nothing n comparison to what is about to come. That may still be the case, I don't know.
So, I stood there, trying to eat some lunch and have a cup of tea whilst opening these letters. To a T, all of them were exactly what I had been expecting for the last few days: "you're in arrears, pay us now or we'll take you to court".
The frustrating thing with this is that we've written to both the mortgage company and the secured lender and stated our position: we don't actually have any money - this is the problem. So it looks, at the moment, like stalemate.
Now, I don't like stalemate, it's not productive and just doesn't get anyone anywhere. So I got back to work and called the mortgage company and spoke to a girl called N. She explained that they had been awaiting my call for a few months but that they had received the letter that I sent a few days ago, together with the keys to the house.
She carefully explained the process for what is termed a "Voluntary Surrender" and has arranged to send me some forms (oh, what joy! more forms!) to get the ball rolling on this. She has also explained that any money left after the house has sold and the mortgage has been settled will go to the loan from "2". If there's any money left after that (like that's going to happen!), then this will be returned to our bankrupcy estate for the settlement of other outstanding debts. If, however, there is any shortfall, we remain liable for the full repayment of this shortfall until it's all been repaid. I'm happy with that - it makes sense to me.
So, that is the latest. Not much has moved and we're now awaiting the "Voluntary Surrender" forms from the mortgage provider. No word from the bank at the moment, but I daresay they won't be far behind! The bankrupcy petition is on-course for being filed in the coming weeks, then the real hard-work begins.
I'll get another post put on shortly to bring the situation up to date. In the meantime, as always, if you have any constructive advice, please leave me a message.
Back to you soon.
Bankrupt247
