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T O P I C R E V I E W
mark.tl
Posted - 16 September 2009 : 20:59:05 Hi, i am close to getting one of my B2B properties repo'd by GE. They are not giving me much scope to avoid this and the property will undoubtedly have a shortfall once they sell it. My question is, can they force Bankruptcy on me if i can't pay? I do have other property but no equity in them. I cant afford Bankruptcy at the moment so wish to know if the shortfall will carry over to the future when i buy another property or will they Bankrupt me for the 20 or 30K?
Many thanks,
Mark
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 16 September 2009 : 23:06:08 Hi Mark
they are not likely to bankrupt you for 30k. As a mortgage company they are in this for the long haul and will either seek sone kind of repayment proposal or alternatively will pursue you for a County Court Judgement, an Interim charging order and then a Final Charging order on another of your properties.
This would convert the then unsecured debt back into a secured debt but on another property
