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David.81
Starting Member
5 Posts |
 Posted - 16 June 2010 : 23:14:07
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Hi
I have 5 BTL mortgages with Northern Rock which formed part of my BR in Oct. 2009, although they refuse to repossess these and have appointed LPA's.
Am I responsible for mortgage payments, ground rent ect. from the date of my BR, and if I am, does this form new debt, or is it considered part of the origional BR?
In other words, if NR repossess and sell these properties in 2 years time for a loss, am I going to get a huge bill and be bankruted all over again?
Any advise would be most welcome. Thanks. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 17 June 2010 : 01:40:29
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if the properties were on your SOA in the secured and unsecured section for contingent shortfall they will all be included in your BR regardless of when they are sold for a loss.
as long as you do not buy the BI back and you have not signed to say you would accept the liability for shortfalls
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 17 June 2010 : 09:23:24
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Hi David
Whether or not Northern Rock repossess doesn't make any difference - any debt you had to them at the time of your bankruptcy is included in your bankruptcy estate - the mortgage repayments due are not new debt
If the properties are sold at any time in the future any shortfall will be part of your bankruptcy, even if you are discharged and even if the bankruptcy has been closed - unless, as Chester2005 says, you sign something from NR to accept liability
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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David.81
Starting Member
5 Posts |
Posted - 20 June 2010 : 19:06:34
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Thank's for your help guys. It's not an ideal situation, and undoubtedly I'll get a lot of pressure from NR in the future, but it's a lot better than it could have been and it's quite a relief to read your comments. Thanks.
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HiI have 5 BTL mortgages with Northern Rock
