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| T O P I C R E V I E W |
| Mary |
Posted - 08 February 2011 : 07:34:24
Hi there, my husband and I went bankrupt recently. We own two buy to let properties one of whch we live in. Equity (estimated) £17,000 in one, £5,000 in the other. We are still paying the buy to let mortgages. We would like to walk away from the properties and go and rent some where but we want to make sure we do things properly and are worried we will still have liabilities connected to the properties.
Can you recommend who we should talk to please? |
| 3 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 08 February 2011 : 13:37:02
Hi Mary
The mortgage is a secured debt.
stop paying mortgage on rental property and let it be repossessed post the keys back to mortgage provider with a short letter and Copy letter to OR. utility bills form part of bankruptcy as long as debt incurred before BR.
house / home different as when you stop paying mortgage OR may say you have spare income and may ask for IPA, speak to OR to confirm the process they want for your home.
Richard |
| Mary |
Posted - 08 February 2011 : 09:34:16
Thank you for your response Richard. There a couple of things I have not made clear.
There are no secured debts on either property and the mortgages are up to date - the liabilities I was referring to are utility bills etc on the second property which is unlet. We had a sale going through on it which fell through last minute; one of the reasons we are where we are.
We wanted a fresh start through our bankruptcy and assumed that the properties would be taken off us, however it seems that that does not happen necessarily (not sufficient equity). We don't really want to keep the properites as when the buy to let mortgages come to an end fortunes are still owed on both. Can any one advise what we can do?
We both work so hope renting will not be too much of a problem for us.
Thank you
Mary
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| Richard P |
Posted - 08 February 2011 : 08:13:48
Hi Mary
in an ideal world this would have been sorted before going BR. The OR (Official Receiver) now controls your estate.
The OR will take the rent from the second property and will not pay the mortgage.
The OR will not rush to make you homeless, this pressure will come from the mortgage company.
The liabilities connected to the property should be included in BR, if they are secured debts they will become unsecured when the property is sold.
deposit, rent and credit check may be a challenge for the new property.
Do not rush to leave the old.
Richard |
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