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sarahhoughton
Starting Member
22 Posts |
 Posted - 26 August 2011 : 08:19:57
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Hello all
I am now approx 15months into my BR and have been discharged automatically after 12months with no IPA/IPO.
My property is mortgaged and has a secure loan on it and the OR has the BI interest in my property.
There is a good chance that I could lose my job in the next month which means I will not be able to keep up payments on my mortgage and secured loan so I am looking to find a rented property asap.
Can anyone tell me the process of handing the keys back to the OR/Mortgage Company and can I just confirm that any shortfall once the property is sold at a later date would be included in my BR even though I have been discharged.
Thank you |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 26 August 2011 : 16:44:28
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Hi,
were there any arrears before bankruptcy, and was it in negative equity at the time of bankruptcy?
As for handing the keys back for voluntary repossession, then it may be worth reading this link:
http://www.debtwizard.com/blog/general/617-repossessed-borrowers-sign-a-deed-of-acknowledgement-at-your-peril
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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sarahhoughton
Starting Member
22 Posts |
Posted - 26 August 2011 : 17:14:03
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Hello and thank you big al.
The mortgage is paid up to date and I have made every payment on time so there are no arrears on my mortgage account. |
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sarahhoughton
Starting Member
22 Posts |
Posted - 26 August 2011 : 17:15:44
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| Oh and the property is approx 20k in negative equity due to mortgage and second secured loan |
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carl
Junior Member
115 Posts |
Posted - 27 August 2011 : 10:04:26
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Hello BigAl
I would also like some further information on this area because this is a situation i may be in if I lose my job in the next 12 months.
Thank you for your help
carl |
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sarahhoughton
Starting Member
22 Posts |
Posted - 31 August 2011 : 15:00:31
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Bump.....
Sorry but are there any experts out there or other people who have been in this position who could answer these questions please??
I have got to make a decision pretty quick regarding my property and I could do with any help or advice anyone has to offer regarding this if possible.
Thanks guys
Sarah x |
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sarahhoughton
Starting Member
22 Posts |
Posted - 01 September 2011 : 15:46:29
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Help.......!!
I have been informed today that my Job will be ended in approx 2weeks time so I need to make a decision regarding my property A.S.A.P.
Are there any experts about who can help with my original queries? Bigal started and has asked me a few more questions regarding my circumstances but I havent got a definative answer as yet.
I'm sorry to keep bumping this question back to the top but I could really do with some help and clarification regarding this.
What I am hoping I can do is not make my mortgage payment next month wich will give me the money I need for a deposit for alternative rented accomodation and then give the keys back to the Official Receiver to liase with my Mortgage providers once I have moved out.
Has anyone any advice regarding this?
thank you
Sarah x
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sarahhoughton
Starting Member
22 Posts |
Posted - 01 September 2011 : 15:48:44
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Help.......!!
I have been informed today that my Job will be ended in approx 2weeks time so I need to make a decision regarding my property A.S.A.P.
Are there any experts about who can help with my original queries? Bigal started and has asked me a few more questions regarding my circumstances but I havent got a definative answer as yet.
I'm sorry to keep bumping this question back to the top but I could really do with some help and clarification regarding this.
What I am hoping I can do is not make my mortgage payment next month wich will give me the money I need for a deposit for alternative rented accomodation and then give the keys back to the Official Receiver to liase with my Mortgage providers once I have moved out.
Has anyone any advice regarding this?
thank you
Sarah x
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glafy
forum expert
436 Posts |
Posted - 01 September 2011 : 20:43:10
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Hi Sarahhoughton.
I'm so sorry to hear of you problems. I cannot offer any advice but hopefully one of the experts will see your posts & come online soon.
Fingers crossed for you.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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sarahhoughton
Starting Member
22 Posts |
Posted - 02 September 2011 : 07:49:45
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Hi Glafy
Thank you for the support - Im hoping one of the experts can pick up on this post today or over the weekend so at least I can get things sorted in my head on what I am going to do.
Sarah x |
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glafy
forum expert
436 Posts |
Posted - 02 September 2011 : 19:11:30
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Any Experts around to offer Sarah some advice?
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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glafy
forum expert
436 Posts |
Posted - 02 September 2011 : 19:13:44
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Just had a thought Sarah, try contacting one of the experts direct via the 'experts' link on the left of the page.
People may be away this week with it being Bank Holiday.
Good Luck.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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sarahhoughton
Starting Member
22 Posts |
Posted - 04 September 2011 : 10:09:24
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Thanks again Galfy hopefully one of the experts will pick this thread up soon otherwise and will speak to someone this week.
Sarah |
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glafy
forum expert
436 Posts |
Posted - 04 September 2011 : 11:52:55
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Just a quick one Sarah.
It's wise not to have your name as your log in or as signature, just in case, You never know who's watching!!!
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 September 2011 : 14:41:33
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Sarah, Glafy is right - let me know if you want me to change your name and I'll email you x
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 04 September 2011 : 19:11:28
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Hi Sarah,
If you haven't signed any new lending with the mortgage and secured loan company then if the house is repossessed, any shortfall will be written off in your bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Topic |
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My property after discharge
