Legal tip 406. When I cannot repay the mortgage
Thursday, December 2, 2010 @ 9:28 AM
1.- Do not just run and leave the keys back at the Bank´s office as if you did not have a problem anymore
2.- Talk to the Bank to see if the change to another mortgage scheme is possible ( only-interest, reduction of fee amount, grace period...) Advisable to send a fax or email, to have written proof of your payment will.
2.- Make a formal offer for the house to be taken as payment of the debt. Ask for a third party fully independent valuator. Do it by certified fax and most advisably with the help of a lawyer.
3.- Deffend your position firmly with correct and persistent legal grounds and defence
4.- If a repossession order is notified to you, answer it ( you will avoid the application of EEO this way) with a show of all the attempts for reaching an agreement. Ask for a payment agreement to be reached in Courts as a counterclaim.
( most importantly: hire a lawyer to deffend you with this)
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