Hi I hope you can help me. I own my own house and it has 164k left on a interest only mortgage. My house has a value of around 150k of which i have signed over an interest of 30k to my parents for a loan. i owe in the region of 10k in unsecured debt and 20k on a secured loan. I am about to lose my job and at 50 probalby wont get much of a job. i live with my wife and two step childrean both in full time education. We have 2 second hand cars, one has a value of around 2k and the other is on hp with a value of around 3k. I am considering bankcruptcy as my only real option but i want to keep my house. from what i have read with the amount of negitve equity in the house is it right i might be able to do this?
total payments for the secured debts are 550.00 is the mortgage (which is only in my name) and around 300.00 for the secured loan. at this time i would say i could afford to pay the mortgage, but not the secured loan.
It is only the unsecured debt that will be cancelled out if you go BR & want to keep your home. If you haven't got much of a job how will you pay the mortgage & secured loan?
my wife and i will earn enough to pay the mortgage. Even though there will be minus equity of around 60 k they will still force the sale of the house ?
i cant see how the loan company will force the sale of the house because they would get nothing at all surely? the bank who hold the mortgage will get thier first ? not sure if thats right
Either of them can force a sale, if you want to stay there you need to keep them both happy, that means talking to them, that has to come befpre any decision is made
Hi I hope you can help me.
Posted - 23 May 2011 : 19:17:42
