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year 2029
Average Member
590 Posts |
 Posted - 26 July 2012 : 17:15:59
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Hi,
Heres the situation,
Buy to let mortgaged house has been sold with a shortfall, with the following, very rough figures.
Sale price, £195,000
Mortgage outstanding £180,000 First charge.
Second charge £ 25,000
Shortfall of £10,000 plus costs.
What happens to the shortfall/second charge?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 July 2012 : 17:18:55
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Doesn't it go into the bankruptcy?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 26 July 2012 : 17:19:30
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I presume you didn't sign any new deal with the mortgage co or second charge after your bankruptcy so this will be included in your bankruptcy and written off.
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 |
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year 2029
Average Member
590 Posts |
Posted - 26 July 2012 : 17:35:50
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I never signed anything to further complicate matters.
The second charge effectively becomes an unsecured debt, which then gets included within the bankruptcy.
Mainly posted for the benefit of others reading.
Seems to crop up every now and again.
Prompt replies btw!!
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 26 July 2012 : 18:51:09
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If this was posted 'for the benefit of others reading' why not just post the information rather than ask a question?
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
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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year 2029
Average Member
590 Posts |
Posted - 26 July 2012 : 19:33:15
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Tracey,
Because its not that cut and dried. Shortfall 'should' go into bankruptcy. I was hoping to get a few more replies. I hope it does, as this is only the first of my properties to be sold, thankfully, this one before discharge.
I'm not at the liberty of being able to state what happens for information am I?
There are no 'stickies' for people to read, as rules/interpretation etc keeps changing.
Do you have anything to add? I'd be grateful, as I'm sure others reading would be.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 July 2012 : 19:41:24
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There is no reason why you can't post information unless it involves advertising.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 26 July 2012 : 19:44:59
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Tracey,
Maybe I shouldve started a blog like yours.
Bit late now.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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year 2029
Average Member
590 Posts |
Posted - 26 July 2012 : 19:46:13
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Anyway,
If anybody, expert or not, has anything add to the statement 'should' be included in bankruptcy,
Please feel free to post.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 July 2012 : 20:04:49
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There is no reason why you cannot start a blog now?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 26 July 2012 : 20:08:33
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Don't worry year 2029, your shortfall will be included in your bankruptcy even if it had been repossessed and sold after you had been discharged.
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 |
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year 2029
Average Member
590 Posts |
Posted - 26 July 2012 : 20:18:43
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Hi Viki,
When I say thankfully before discharge, I meant it from the point of view that I expect plenty of correspondence from my trustee during bankruptcy, and the property is part of that.
I realise with my BR that I will be chatting to my trustee quite a bit even after discharge. Which isn't too far now.
I can see the light at the end of the tunnel.....either that or its the train coming ;-)
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Topic |
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House sale with a shortfall
