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T O P I C R E V I E W
loobylou
Posted - 14 April 2011 : 20:49:06 Hi,
Wondered if anyone can offer any advice? Hubby and me declared bankrupt aug 10. We have approx £35- 40k negative equity in our house. We want to walk away from the house and understand that the shortfall will be included in the bankruptcy. My parents, very very kindly, have offered to buy a house and let us rent it at the normal market rental value. They have said that we will have the option to buy the house when we are able to get another mortgage. My question is would it be better to try to sell our house now or just to hand the keys in? Bearing in mind that we would want to get another mortgage as soon as is poss, although obviously this will be several years off. From my initial research suggests that the fact that we have a repossesion on our credit record is worse than the bankruptcy??!! Any ideas/advice would be muchly appreciated.
