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T O P I C R E V I E W
kellsy
Posted - 20 May 2009 : 19:59:01 Hi, i would like to ask what would happen to your mortgage(in negative equity) if after going bankrupt you stopped/couldn't pay?
2 L A T E S T R E P L I E S (Newest First)
kellsy
Posted - 21 May 2009 : 09:17:18 hi thanks for yuor reply ...it was in my mind to stop payments after declaring br so if they let me get away with this withing the 12 months then repossessed then they wouldnt chase for the shortfall!
John
Posted - 21 May 2009 : 08:29:57 Hi
well in due course the lender would commence repossession proceedings.
With regard to any shortfall between the sale price and the sum you owe on the mortgage, this would depend how long this all happened after you declared bankruptcy and if, and for how long, you had continued to make the mortgage payments after declaring bankruptcy.
Certainly if you were discharged from bankruptcy before you stopped paying the mortgage then the process of repossession by the lender would begin and you would very likely face bankruptcy a second time eventually.
