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pix1
Average Member
689 Posts |
 Posted - 10 September 2008 : 13:09:46
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leigh b is proposing to go Br later this month and asked about mortgage shortfall in a recent post.
As far as I can say, the definitive answer to all mortgage shortfall issues as regards bankruptcy is as follows;
You cannot be chased for any subsequent mortgage shortfall unsecured debt once your property is sold in the future, where it relates to a mortgage or loan on a property in your bankruptcy petition from BEFORE your BR order date PROVIDED you do not make payments on any mortgage or loan on the property AFTER your BR order date.
Please could anyone who wishes contribute to this post.
Thank you. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 10 September 2008 : 13:34:02
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Hi Pix1
Not sure on that one, maybe John or Suzanne may know more.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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harbourmaster
Junior Member
346 Posts |
Posted - 10 September 2008 : 13:44:20
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OK pix1
Where did you get that quote from?
That reads to me that if you pay any mortgage after BR date any subsequent shortfall will not be covered? |
Edited by - harbourmaster on 10 September 2008 13:44:34 |
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pix1
Average Member
689 Posts |
Posted - 10 September 2008 : 14:13:01
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Hello,
That is not a quote, just what I think based on experience. I spoke to my mortgage company repossession solicitors and they stated that i would not be chased for mortgage shortfall as I had not been making mortgage payments from the Br date. They did say, however, that it is known for people to be chased for mortgage shortfall if they carry on paying the mortgage after they go bankrupt and the property gets sold in the future. I hope you won't have any problems yourself assuming from your reply that you might be paying your mortgage after BR. If the OR is going to sell the property maybe it is not a problem but if someone stays in a house for years after Br then they might then be subject. |
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harbourmaster
Junior Member
346 Posts |
Posted - 10 September 2008 : 19:09:22
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Hi pix, no we are not paying the mortgages from today (been to court this morning and officially BR from 10.00am)
I think this is a very interesting point and will make some calls in the morning to try and get an answer.
Perhaps one of the experts will be able to shed some light on the matter |
Edited by - harbourmaster on 10 September 2008 19:09:50 |
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Mortgage Shortfall - re leigh b's recent post.
