Inheritance and given house back to bank

A

Annie272

Guest
Hi guys,

I wonder if anyone can help me or advise me?

My dad recently passed away and willed his assets to all his children (there are 5 of us). Anyway, I owned a house in another part of the country and I gave it back to the bank because of arrears and the area turned out to be very anti social, oil stolen a lot, found a syringe in my garden, parties every night. Now most of the estate is boarded up. I'm a single mum and i couldn't bring my son up there so I moved back home to be near my family.

My house is for sale at the moment, but I've been told that any inheritance will be taken from me by the bank and I wonder if anyone knows if this is true.

My inheritance will be small enough around 7 grand but still, I need it in my circumstances and would hate for them to take it from me.

Appreciate the help.

Annie
 
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Have the bank sold the house? If so and there is a shortfall then they can pursue for that unless you have made some arrangement already about the shortfall.
 
Hi

No the house is still "for sale". It's unlikely it will be sold for a while as most of remaining houses are boarded up and the anti social behaviour reputation. I do know about the shortfall and know they won't contact me until the house is sold regarding the shortfall.

Annie
 
Well then I would think it will depend on when you get your inheritance, it might be long spent by the time the bank contacts you!
 
Thanks WBbs, it will be fairly minimal (less than 7k) but I wondered if they would find out as I gave my ppsn number to the solicitor as beneficiary.
 
I don't know. You may be lucky and get a reply on here from one of the regular contributors on legal situations, if not try your local citizens information office, they often have volunteer legal advisors.
 
Annie272 said:
Hi guys,

Anyway, I owned a house in another part of the country and I gave it back to the bank because of arrears and the area turned out to be very anti social.

Appreciate the help.

Annie
Click to expand...

Well Annie, who do you think should pay for your house ? What are your plans ?
 
Annie, The best thing to do is to keep control of your inheritance when it comes through. Make sure you have a bank account that you can lodge the inheritance to, and make sure that it is not the same bank that holds your mortgage.

Once you have received the inheritance, you can negotiate with the bank as to how it might be used.

Others have advised you to pay the inheritance to the bank because you owe it. My view would be to ensure that your own welfare and that of your child is taken care of first. Paying back the bank would be my 2nd priority.
 
My plans are to negotiate with the bank as soon as my house is sold. I have been totally co-operative all the time with them but couldn't deal with the stress of living in such an awful place. I work full time so not claiming welfare or anything like that. I am not hiding in any way but would like to keep something for my sons welfare too.
 
Dr.Debt said:
Annie, The best thing to do is to keep control of your inheritance when it comes through. Make sure you have a bank account that you can lodge the inheritance to, and make sure that it is not the same bank that holds your mortgage.

Once you have received the inheritance, you can negotiate with the bank as to how it might be used.

Others have advised you to pay the inheritance to the bank because you owe it. My view would be to ensure that your own welfare and that of your child is taken care of first. Paying back the bank would be my 2nd priority.
Click to expand...



Thank you, Dr. Debt.
 
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