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stuartplloyd

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  1. Well, a possession order doesn't actually require you to leave your property. What it enables the mortgage company/ bank etc to do is apply for a warrant of possession. That means that the Court bailiffs come round, change your locks and remove your possessions. Until your mortgage company have applied for a warrant, you don't actually have to go anywhere. You'll still be liable for any shortfall whether or not you surrender voluntary possession. What it does mean is that, if you voluntary surrender, you won't be charged the costs of applying for a warrant, the bailiffs attending, locksmiths changing your locks etc. These are usually added to the amount you owe. Mortgage companies won't usually pursue you for the shortfall until you've bought another home. They've got 12 years to do it so they usually sit back, do nothing and let the interest increase. If your declared bankrupt they won't be able to pursue you for the shortfall and will have to prove in bankruptcy and hope to get something like all your other creditors. Hope this helps!
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