| T O P I C R E V I E W |
| Dee |
Posted - 17 October 2013 : 00:27:28
Hi I hope everyone is well. I'm almost there now with the bankruptcy dropping off our file next May. Can't believe how quickly time has past!
We are hoping to move next year with some help from the family in getting a deposit together. We have negative equity on our current mortgage and I think I read somewhere that as long as we didn't sign a particular form then the negative equity could be included in the bankruptcy.
Does anyone have any experience of this?
I don't know whether I signed this form or not would I simply call my lender (I have a mortgage and a secured loan) and ask them if I signed anything which would prevent me including the negative equity in the bankruptcy?
I'd really appreciate any help anyone can give me.
Best Wishes
Dee
View my Blog at http://DeeDee.blogs.iva.co.uk/ |
| 6 L A T E S T R E P L I E S (Newest First) |
| Dee |
Posted - 17 October 2013 : 14:45:09
Ok thanks it looks like we have no option other than to stay put then unless we can cover the shortfall and find a deposit!
Thanks for all your help Viki
Best Wishes
Dee
View my Blog at http://DeeDee.blogs.iva.co.uk/ |
| Viki.W |
Posted - 17 October 2013 : 14:16:59
The mortgage company or secured loan company can block the sale of the property if there is going to be a shortfall, and will want you to sign for a new unsecured loan covering the shortfall. This wouldn't be covered in your bankruptcy unfortunately.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Dee |
Posted - 17 October 2013 : 12:43:19
Hi Viki
Sorry I've not explained it very well. It is our intention to sell it on the market but even with a good price there will be a shortfall. I suppose I just wondered if including something once it drops of your file would flag something up again? I'm also unsure how to ask the mortgate lender and the secured loan company whether I signed anything to prevent this happening?
Presumably it would be the second charge lender who would lose out?
Regards
Dee
View my Blog at http://DeeDee.blogs.iva.co.uk/ |
| Viki.W |
Posted - 17 October 2013 : 11:38:38
If you have your home repossessed then your credit rating is going to ruined again, so you won't be able to get a mortgage.
Have you tried to market the property?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Dee |
Posted - 17 October 2013 : 10:01:52
Hi Viki
We had negative equity when we (yes both my husband went bankrupt) originally went bankrupt so we bought the interest for a pound. We could afford to pay the mortgage and second charge so there wasnt a problem with that. We have been having a few problems in the neighbourhood and we dont feel safe there anymore. I have recently aquired a promotion and so getting a mortgage once the bankruptcy drops off shouldnt be a problem if we can get together a decent deposit. I know we may be required to declare the bankruptcty so I'm prepared for that. I'm just worried that on top of a deposit we may also need to cover the mortgage shortfall on our current mortgage which is about £6k.
Things are financially better than they have ever been and I dont want anything to detrimentally effect our position so if letting the shortfall fall into the bankruptcty would do that then I would rather not do it.
I havent signed any new mortgage deals but because of the benificial interest situation I'm not sure whether they made us sign anything that would prevent any shortfall being included.
Regards
Dee
View my Blog at http://DeeDee.blogs.iva.co.uk/ |
| Viki.W |
Posted - 17 October 2013 : 07:21:30
Hi Dee,
Did you want your home to be repossessed?
If you haven't signed any new deals with your mortgage company and secured loan company after your bankruptcy, then the shortfall will be included in your bankruptcy.
You mention "we", is your partner on the mortgage and secured loan? Did he/she go bankrupt too?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
