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 If there is a little equity in the house

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T O P I C    R E V I E W
David.rl Posted - 28 June 2010 : 17:05:42
If there is a little equity in the house about £7 - £10k, and the OR ordered the house to be sold, which I am not concerned about as I am now living with my new partner at her mothers, would I still be liable for any shortfall when the Mortgage company sold it?

Also I have a car on finance, the car is worth about £8k, but the finance left is also just over £8k. I understand that I will lose the car, but again do I have to contact Black Horse or will the OR? I have an appointment to file at the end of July.
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gettingoutofdebt Posted - 29 June 2010 : 07:18:27
If you do decide to give the property up voluntarily then any shortfall will be included in the BR. If you haven't been paying the mortgage for a couple of months and it doesn't look like you will be able to pay it in the near future then it may be better to give the property up.

It's definitely not an easy decision so you should think carefully about what to do about the property.

David.rl Posted - 28 June 2010 : 18:46:06
Thanks for the very quick reply...I have been on a mortgagge break for the last 2 months, however it is due tomorrow and as I am now on Job seekers allowance I have no way of paying it.
I feel so awful about this situation as until I was made redundant last July and again this April, my debt although quite high (due to my previous partners insistence on new things constantly) it was manageable, however I just cannot continue with any payments so bankruptcy is my only option. I have about £29,000 worth of unsecured debt plus the mortgage.
I have also read that it is sometimes better to do a voluntary reposession, but again I am worried about the potential shortfall.
thanks for your help it is much appreciated, i am feeling somewhat lost at the moment.

debtinfo Posted - 28 June 2010 : 17:35:46
no, also for a small amount of equity they might not force a sale at this time, they do have 3 ears to deal with it, i presume the mortgage is not being paid at the moment

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