According to the updated " What will happen to my Home" booklet on the Insolvency.gov website it states that if a house is sold the shortfall is a proven debt in the BR and you are released from the debt on dischage. Does this mean that if I sell my home myself instead of giving it back to the building society or having it repossesed the shortfall would still be covered and it may look better on my credit file?
Gill
There is light at the end of the tunnel, I can actually see it !!!!
Extremely difficult to sell the house whilst the OR has an onterest.
You would be liable for the legal and estate agent fees ( debt after bankruptcy ) and would also need to convince the lender to accept a reduced offer.
In truth there is almost no benefit at all for you to try to sell the house yourself.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Shortfall in Mortgage
Posted - 26 January 2011 : 12:01:20
