In court next month, want to surrender voluntarily

K

King

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The current situation is we have our house which is in massive negative equity and over €60K in arrears and the total owing is over €320K, house is worth barely 100K if that. Only income is SW.

We are up in court next month with the bank seeking possession. We have no problem giving them the house as we do have somewhere to go in the next 3-6 months. All we want to do is get 3-6 months to leave.

We have already entered an appearance, but we see no point lodging affidavits as there is no defence at all.

My question is as follows, is there any point at this stage in asking for a voluntary surrender now so we have 6 months to move? It would save everyone's time and the courts too and reduce legal costs.

Is there any merit to my thinking?
 
While I know you have asked a very specific question, it is always best to provide the full information:

Information required for mortgage arrears and negative equity questions

On the face of it, of course the bank should prefer a voluntary surrender to a repossession.

It's odd that the bank are seeking repossession if you have engaged, so what is the history of engagement?

Have they suggested it in the past and you refused it? If so, the bank probably doesn't want to let you mess them around any more. They just want the legal right to repossess.
 
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