|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
rexb
Starting Member
1 Posts |
 Posted - 11 October 2008 : 09:15:42
|
| I have a mortgage of 184k which is two months behind and a secured debt of 30k which is also behind, but i've negotiated with my mortgage co to pay small amounts for a period of three months, i would like to prevent going down the bankruptcy route if possible and wondered what would happen if i paid my full mortgage and not my secured. Also bearing in mind that i am now in negative equity. |
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 October 2008 : 09:36:27
|
Hi Rexb and Welcome
If you pay your mortgage and not your secured debt then they could go for a repossesion i beleive against your home.
I think thats right. As its secured against your home and as a 2nd charge/lender they tech they have almost the same rights as the original mortgage company. I could be wrong but i think thats how its works.
Jo x
Your Mother Hen :-)
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
 |
|
|
BankruptC
Senior Member
1030 Posts |
Posted - 11 October 2008 : 09:44:20
|
Hi rex,
Jo's right, unfortunately, they could and eventually will go for repossession, leaving you responsible for the shortfall after the house sells.
Obviously you need to look closely at your options, but as you're in negative equity with your property, then if it turned out bankruptcy WAS your best option, you would be able to stay in your house, providing you could still make the mortgage and secured loan payments after any unsecured debt is written off in bankruptcy.
I'm not sure if this is of any use to you (and whether you have much in the way of unsecured debt)and you do say you'd rather avoid BR if possible, but I just wanted to put you in the picture.
Keep posting and we'll help where we can.
C. x |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
if I pay mortgage but not secured debt?
