Hi,I was declared bankrupt a couple of weeks ago and waiting for OR appmnt,we have two young kids with a third on the way and need to move house,we have a joint interest only mortgage with barely any equity maybe £1000 tops,if we missed a few payments to fund a house move(rent)then handed the keys back,would these missed payments be classed as shortfall and my wife be liable for them.Also how many payments can we miss before repossession proceedings
ideally the rent and house issues would have been sorted before declaring BR. it gives you more flexibility to get everything organised.
if their is a short fall in mortgage (monthly payment and negative equity the named persons on mortgage would be responsible)
But as you are now BR lets deal with now.
normally the OR would not instigate possession proceedings that would be the mortgage company, they would start proceedings perhaps 4 -6 months of non payment.
here is the thing that could cause some issues for you, if you are not paying the mortgage on paper your income and expenditure has changed and the OR could request an IPA on the new figures. which would then take away the money you need to save for deposit and monthly rent. (yes once renting you can request a change in I & E).
This will depend on OR, interprettation of the rules so as you are now BR you will need to take guidance from the OR.
Hi,I was declared bankrupt a couple of weeks ago
Posted - 25 February 2011 : 14:11:21
