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T O P I C R E V I E W
ElleB
Posted - 24 January 2009 : 13:32:34 I have just been reading back at some questions asked and wondered about my loans that were previously secured on a house that was susequently repossessed.
The property was sold by the mortgage company at more than 30% less that a valuation we had just had done. There was also a secured loan on the property.
So, my question is, now I have no property for the mortgage and loan to be secured against, and have no other assets, do they now become unsecured loans and are therefore part of the bankruptcy?
2 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 25 January 2009 : 14:54:03 Hi ElleB,
RHB is absolutely correct. Without a property to secure these loans against, they will become a new unsecured debt which can be written off in BR.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
