LET HALIFAX REPOSSESS OR HAND THE KEYS IN?

We are currently in a situation with the Halifax BS. I have a flat that has negative equity. Our house is in my husbands name only. We were selling the flat under the POWER OF SALE SCHEME and we understood that I would have a repossession registered against me although voluntarily. Now the buyer has pulled out due to the length time in processing the sale and vandalism to the property. After visiting the area ourselves and talking to Neighbours in the vicinity we have since learned that the council are planning to pull down all the flats in the area, although not in the near future. We would like to know the pros & cons of (a) letting the Halifax reppossess as normal (court papers have already been drawn up, althought the date has passed due to selling the property, or (b)handing back the keys voluntarily. The oustanding mortgage is in the region of £27000 flats are selling at around £9000 but falling in value rather quickly due to the news and the state of the area, as council not managing the upkeep of the area (that we as leaseholders pay for) All advice gratfully recieved!!

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