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UK mortgage shortfall- US address


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Would really appreciate some advice please:

I have moved to US and I have a UK mortgage with negative equity of about 40000. I am planning to give the keys back to the bank and file for bankruptcy. I know that the bank could potentially sell the shortfall to an international DCA who could chase/harass me in US. Also heard that they could potentially bring legal action in US considering the large amount of debt.

I am going to send my keys back along with a letter stating that I have moved to US and wont be able to pay the mortgage anymore.

Should I mention my US address in the letter? But that would also make it easier for them to trace me. At the same time, I need to hear from them about the short fall as soon as they sell my property as I want to file for bankruptcy before the debt goes to a DCA.

Wondering what the best course of action is.

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In these situations you are always best to tell creditors what you are up to and inform them of an up to date correspondence address. Then they cannot do anything sneaky like getting a court judgement in default after sending papers to an old address. They can only obtain a CCJ if you are resident in the UK, so that option won't be open to them if they know you are abroad. They could go for bankruptcy in your absence, but they would have to serve papers to where you are living, they try their luck in a UK court. If you have no UK assets, then they will get nowt, so they would be wasting their money. If you declared yourself bankrupt at your own cost, I am not sure how this would work, when you are already abroad. There are companies that specialise in bankruptcy from abroad (google them) and they will explain this to you.

 

Have you thought about renting the property out, so mortgage payments are covered (fingers crossed) and hope that at some point the property will not be in negative equity. You should talk to the mortgage company about your options or even better write to them asking for options.

 

Remember that mortgage companies have Insurance to cover these shortfall losses up to a certain amount. They may chase for payment and get debt collectors to do this as well, but may never actually take any court action, particularly if there is no likelyhood of obtaining any money.

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