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Michel.sr
Starting Member
1 Posts |
 Posted - 30 November 2010 : 07:05:22
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| MADE BANKRUPT BY IR FOR 100,064.00.MY HOME IS WORTH APPROX 230,000 MORTGAGE LEFT 154,000 STRUGGLING TO PAY 1016 PER MONTH SHOULD I JUST CUT MY LOSES AND RENT PRIVATELY GET HOUSE REPOSSED 2 MONTHS BEHIND NO POINT IN ME PAYING ANYMORE WHEN I WILL GET NOTHING OUT OF IT ANY EQUITY WILL GO TO IR AM I MAKING A BIG MISTAKE HAVEN'T SPOKEN TO THE MORTGAGE COMPANY I THOUGHT BANKRUPCY WAS SUPPOSE TO BE EASY I FEEL MORE STRESSED |
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RHB
Senior Member
1159 Posts |
Posted - 30 November 2010 : 11:05:47
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| Sounds like you will have no option but you do have time to look round for someone to rent before your home is repossesed. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 30 November 2010 : 16:51:37
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Just a quick point, if it is your decision to hand back the property, cease all mortgage payments immeadiately, and use the money to fund your new rent and bond, there is no point paying any more money to the mortgage company
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 01 December 2010 : 12:50:27
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Hi Michael,
as melanie says, if you're going down the route of letting the property go for repossession, then stop the mortgage payments,as even once a trustee is appointed, it could take several months for the repossession and sale to go ahead. During that time you get your finances in order to find somewhere to rent,as it's likely they may ask for anything from 2 - 6 months rent up front.
That aside what was the HMRC debt for? VAT or self assessments?
Big Al |
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Should I just cut my losses ?
