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helen.4
Starting Member
2 Posts |
 Posted - 24 June 2010 : 16:29:34
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I have declared myself bankrupt, I have a joint morgage. Can I now wash my hands of the property that I own or am I still liable for the debt, there are arears of 12,000 on the property, and the property is in negative equity by about £84.000. The property was never lived in by either of us however my ex has let the property and kept the proceeds which is why there is arreas.
Northern rock has informed me that they have instucted a company to let out the property to pay towards the mortgage, they havent repossed it.
What I would like to know is will this property be forced back to me in the future. can anyone help. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 June 2010 : 17:01:50
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Hi Helen
it should be it, however NR are notorious for playing games with you.
No property cannot be forced back to you
onwards and upwards
Richard |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 25 June 2010 : 11:51:06
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| I think you may find Helen that if Northern Rock are not repossessing the property and letting it out the outstanding arrears will still be against your name well into the future which may be a problem if you ever require borrowing in the future due to the arrears not converting to unsecured debt, which only then become provable debts in bankruptcy. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 25 June 2010 : 12:02:22
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agree daniel
it may also be that if NR do not rent out the property but just bank it, the council tax may /will still be in helens name and the council can / will go on the offensive
sorry Helen do not want to scare you but others in similar situation have had a problem with NR, I know that Paul at Reviva is having board level discussions with Northern Rock, if down the road you have problems with NR it may be worth getting in contact with Paul.
In the mean time it may be worth getting your OR to do a letter to Northern Rock and local council formally dissassociating you with the property, (keep a copy for your later useage).
regards Richard |
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helen.4
Starting Member
2 Posts |
Posted - 25 June 2010 : 16:41:08
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Thanks for your help!!!
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Can I now wash my hands of property that I own?
