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T O P I C R E V I E W
JemJem
Posted - 19 May 2008 : 15:54:06 I have very little equity. I am going to declare myself BK next week. My wifes family have agreed to buy out my equity form the OR so should not lose the house.
What happens to the mortgage? assume as long as it is being paid as agreed we should be ok??
we have no other debts with our mortgage lender
advbise would be appreciated
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Helpful Advice
Posted - 19 May 2008 : 19:54:36 Hi Jemjem,
Although your beneficial interest will be sold you will still be liable joint and severally with your wife for the mortgage.
As long as you maintain payments with your mortgage company you will have no problem as secured debts are excluded from Bankruptcy.
