All Forums  New Questions  Forum Questions  Keep the residential house or not?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by NoMoney[/i] [br]Hello Forum, I am in the process of stepping into bankruptcy. I just thought of asking your opinion if I should keep my residential house or just opt to rent during bankruptcy? The house is joint ownership which we live in. Recently valued by agent at rougly £125K. Outstanding mortgage (roughly £105K), secured loan (rougly £33K). We are paying roughly £850/mo. on both mortgage and secured loan, but in our area you can rent a decent house for £600/mo. The reason we took a secured loan was to buy an investment house, but this second house would definitely be taken when I apply for BR, and so I can't see any reason why we have to pay for the secured loan anymore. I don't have a job at the moment, and can't see myself getting one in the very near future due to economic condition. Only the wife is earning. Would it be more financially beneficial to us if we just rent and surrender the residential property? Or do we keep the house for awhile and surrender it if things go bad? Thanks for your insight. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.