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| T O P I C R E V I E W |
| lewishg |
Posted - 04 December 2008 : 17:17:40
hello i have recently had my house repossessed and due to been to far behind with the mortgage payments. i also had a secured loan on the property what happens to that loan because the lender is telling me i need to pay it now and also they want me to sign some forms that will get it changed into a personal loan instead of a secured loan what should i do. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 05 December 2008 : 19:31:12
Hi Lewis
I certainly think that BR may now be the best option left open to you.
I know its not easy to make these choices but you know you have to do what is right for you and yours and coming on here and finding us is that start and that also takes courage.
We are here for you, to help and guide you through.
Jo
x
17 Weeks down 
35 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| lewishg |
Posted - 05 December 2008 : 19:23:28
hello thanks for your replys
no i havent gone bankrupt and i do have a shortfall on my mortage of about 30,000 the reason i let the house go was because it was destroyed by fire and i thought i had insurance but it turns out i didnt have any insurance. it would have cost me thousands to put right and the mortage company wasnt willing to help so there was no point in paying a mortage on a shell of a house. after the house was repossessed i saw it on a estate agency website for sale at 50,000 and my outstanding mortage was 80,000 i also have a secured loan with a awful company welecome finance a company i wish i never delt with and now they are pushing for money all the time and charging me left right and centre and slapping on interest all the time.
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| got there |
Posted - 04 December 2008 : 19:32:32
I second Jane here, DO NOT SIGN ANYTHING!!!
Let us know how it goes.
HTH x |
| Jane.l |
Posted - 04 December 2008 : 18:40:52
If you ARE bankrupt, do NOT sign those papers! That would make you liable for the debt again and these companies like to try it on!  |
| Needafriend |
Posted - 04 December 2008 : 17:36:38
Hi Lewis and welcome
May i firstly ask have you gone Bankrupt or are you thinking about it.
If you have been declared BR then it would now be included so you would have to inform the OR, if you have not been declared BR then technically you are still liable i am affraid.
As for signing to make it an unsecured loan then that still means that you will end up paying that debt back to them even though you dont have the house anymore.
Do you have a shortfall on the mortgage?
Jo
x
4 months down
8 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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