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adogillo
Starting Member



United Kingdom
25 Posts

Posted - 18 September 2010 :  12:22:00  Show Profile  Reply with Quote
I guess it's an obvious answer but what will happen it we go into BR and aren't able to carry on with paying the mortgage and secured loans??

RHB
Senior Member

1159 Posts

Posted - 18 September 2010 :  12:40:32  Show Profile  Reply with Quote
Your house will be repossessed BUT these loans then become unsecured & any shortfall will be written off in your bankrutcy
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adogillo
Starting Member



United Kingdom
25 Posts

Posted - 18 September 2010 :  12:59:05  Show Profile  Reply with Quote
Thanks for that. What will happen to our possesions do baliffs turn up in a van and empty out the house?
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RHB
Senior Member

1159 Posts

Posted - 18 September 2010 :  13:06:17  Show Profile  Reply with Quote
NO, your possessions should be yours to keep as long as they are household items & not worth thousands.
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Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 20 September 2010 :  11:08:06  Show Profile  Reply with Quote
Hi Adogillo

it is not done in quick time

the mortgage company could take 3 - 4 months of non payment by you to start the court process.

Then potential another 3 - 4 months to conculde the process which should give you ample time to look and find a place to live.

the best suggestion is for you to try and control the process, then you can be settled in your new place all possessions out of the old house.

that means now start looking and speaking to housing authority. Going BR is all about planning (and controlling the process) I took expert guidance who held my hand throgh the whole process

good luck Richard
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