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NoMoney
Starting Member
14 Posts |
 Posted - 26 January 2010 : 20:29:14
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Hello Forum,
I am in the process of stepping into bankruptcy. I just thought of asking your opinion if I should keep my residential house or just opt to rent during bankruptcy?
The house is joint ownership which we live in. Recently valued by agent at rougly £125K. Outstanding mortgage (roughly £105K), secured loan (rougly £33K). We are paying roughly £850/mo. on both mortgage and secured loan, but in our area you can rent a decent house for £600/mo. The reason we took a secured loan was to buy an investment house, but this second house would definitely be taken when I apply for BR, and so I can't see any reason why we have to pay for the secured loan anymore.
I don't have a job at the moment, and can't see myself getting one in the very near future due to economic condition. Only the wife is earning.
Would it be more financially beneficial to us if we just rent and surrender the residential property? Or do we keep the house for awhile and surrender it if things go bad?
Thanks for your insight.
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debtinfo
forum expert
2826 Posts |
Posted - 26 January 2010 : 20:32:50
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| Are you both going bankrupt |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 21:15:00
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Hi,
In the first instance, I suggest that you make contact with one of the insolvency experts on the site and explore what options there might be.
Are there any arrears on the first and second charges at the moment?
Are you both thinking of petitioning for bankruptcy?
At this stage, if there are no arrears and no court action pending on the mortgages, take a pause and see what the insolvency experts advise you.
If there are arrears and court actions pending, post back and i will give your situation some more thought.
You will find all the experts on the left hand side.
My first advice is do not stress and think about options that may emerge for you.
My regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 21:17:43
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Hi,
In the first instance, I suggest that you make contact with one of the insolvency experts on the site and explore what options there might be.
Are there any arrears on the first and second charges at the moment?
Are you both thinking of petitioning for bankruptcy?
At this stage, if there are no arrears and no court action pending on the mortgages, take a pause and see what the insolvency experts advise you.
If there are arrears and court actions pending, post back and i will give your situation some more thought.
You will find all the experts on the left hand side.
My first advice is do not stress and think about options that may emerge for you.
My regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 21:18:38
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How strange, my post hit twice!!
I cannot explain that....
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Keep the residential house or not?
