hi this is my first time on this forum all tho i have been reading peoples questions for over 2 years and found this really helpful so thank you so much . im about to take my bankruptcy forms to be submitted to the courts i go on the 24th of march and have a quick question if possible we now live in rented accomadation as myself and my husband decided to surrender the keys back to the mortgage company in april of last year the house sold with in months but we never had anything sent to us by the mortgage company to say that it had been sold or to say if we owed anything i already know that reposession of the house is not the same as bankruptcy but i do i have to write this on the forms that i am taking to the courts or not i really would appreciate any help please as i may have other questions to add . please excuse any spelling mistakes x x
When you fill in your form put the full amount of the mortgage you 'had' on the property - and an estimated value of the property. That way any shortfall that may (and they will chase you) come to light will be covered by your bankruptcy order. If in doubt about a debt list it, list it, list it! If there is anything that you think could turn up as a debt that you are aware of when you petition - list it. Explain to the OR that you handed the keys back and have not have heard anything to date - but are pretty sure that the lender will pursure you at some time in the future for recovery of a loss - and as, at this point you don't know what that amount of loss may be, you have listed the entire amount originally owed. You can, as has been suggested, find out what the property sold for and do your own sums as to what the shortfall may be - but with legal fees and admin charges that they could add that is a bit finger in the wind - just list your mortgage as a debt and your property as an asset (albeit a negative equity one) and the OR will sort out any problems. At least any potential debt is then covered.
hi this is my first time on this forum
Posted - 13 March 2011 : 10:11:09
