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| tvw |
Posted - 19 September 2008 : 06:15:44
i,am still in bankruptcy since april 2008 i made two mortgage payments and behind a few is there any help for me there are programs for stopping foreclosure but no help for people like me |
| 2 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 19 September 2008 : 08:25:00
Hi tvw
I'm not at all sure what you mean by "people like me".
Whether you are bankrupt or not the rules regarding mortgage payment are the same. If you keep paying the mortgage you will stay in the property (unless there is equity which the OR could claim).
If you cannot keep up the mortgage payments then the lender has the power, after 3 missed payments, to commence repossesion proceedings although this is not automatic. If there is a way for you to reduce the arrears over time then the lender would normally work with you on that.
Your main problem is if the property is eventually repossessed, sold at auction and there is a shortfall between sale price and what you owe in mortgage, redemption and any other secured loans.
As you had not decided to "lose" the property through affordability in April, if you now cannot pay you may be looking at a large debt again in respect of the shortfall.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 19 September 2008 : 06:59:53
Hi tvw and a very warm welcome to you.
I am not that knowledgable on this subject but if you hang on in there someone who can help will be along soon to get you those answers, in the meantime keep on posting and reading and it will be sorted ut soon enough. :-)
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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