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T O P I C R E V I E W
David.85
Posted - 01 February 2011 : 13:21:43 Hi Can you advise what would happen to a secured loan if you are declared bankrupt? We are in negative equity with a secured loan and mortgage. If we hand the keys back to the mortgage company what are the implications many thanks
1 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 01 February 2011 : 16:16:33 Hi David,
If you want your home repossessed then the secured loan will be included in the bankruptcy. If you don't want to give your home up, then you must keep up on payments to the secured loan.
