Beneficial Interest and Repossesion

[lostmummy]

Evening,

 

I'm not sure if I'm posting in the correct place but I hope someone may be able to offer some advice.

 

My husband and I went bankrupt in 2007 discharged a year later. Purchased the beneficial interest in our property for a £1 prior to discharge. Since then no problems until a year ago when my husband lost his job and one of our children was taken ill and everything that could go wrong did. We are now in a position where we are 6 months in arrears (NRAM MORTGAGE) and our home is in negative equity.

 

Now up till now NRAM have done nothing, no letters, no phone calls nothing! We speak to them weekly and yet are no closer to finding out what they intend to do. It seems they can't decide if we are liable for any shortfall if the house is repossessed.

 

This is where I'm confused, I thought that when buying the beneficial interest this meant that we would be liable for any shortfall if the home was ever repossessed?? In a phone call this week NRAM mentioned something about signing a deed of assignment (I know we've never done this)

 

So basically what I'm asking does anyone know if we will be liable for any shortfall, or can we just walk away?

 

Thanks

[debtinfo]

Buying the beneficial interest itsself does not make you liable as it is just a change in the ownership of the equity not a change in the liability of the mortgage. BUT often when you do buy the BI they ask you to get permission from the mortgage lender who could include a clause as part of their permission that you would become liable, much like the deed of acknowledgement, so the answer to your question really relies on if you signed anything at the time

[lostmummy]

Thank you so much for replying.

 

I'm 100% sure we never signed anything other than the forms from the OR to agree the purchase of the BI.

 

Where do we go from here? NRAM really don't seem to have a clue, obviously we can't live here mortgage free forever.

 

Has anyone else had a similar experience?