| T O P I C R E V I E W |
| kellsy |
Posted - 20 May 2009 : 19:59:14
Hi,
i would like to ask what would happen to your mortgage(in negative equity) if after going bankrupt you stopped/couldn't pay? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 21 May 2009 : 09:34:04
As the bankruptcy is going to be on your credit file for 6 years, so it will be that long before you would get a decent mortgage, and the amount of negative equity you have, would probably be the deciding factor in whether hang on.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| kellsy |
Posted - 21 May 2009 : 09:22:12
Mmmm im trying to think ahead and work out if im likly to be able to get a lender for a mortgage again because of my br im in neg equity and its not likly to get back above in a hurry so do i not pay the mortgage and save the money then rent or do i carry on paying the mortgage on a property that is likely to be in neg equity for at least a couple of yrs??????????? |
| Suzanne |
Posted - 21 May 2009 : 09:16:33
Hi kellsy
It can take several months as they have to go through the repossession route which involves court proceedings while you are still living there.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| kellsy |
Posted - 21 May 2009 : 09:12:41
thanks Melanie....how long after stopping payments would it take for them to remove me from my house ??
thanks |
| Melanie.n |
Posted - 21 May 2009 : 07:57:16
Your mortgagee would take the necessary steps to repossess the property and any resultant shortfall woul be cliamed in the bankruptcy.
I would inform the OR though of your intnentions to stop payments
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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