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jwmc77
Junior Member
United Kingdom
195 Posts |
 Posted - 27 November 2008 : 17:38:52
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hi guys, just read a post about not being able to include secured lending in br....whats that all about???
my mortgage is 100k and i also have a secured loan of 20k, does this mean if my house is only worth 110k at time of br i will be liable for the 10k??????? please, please, please someone tell me this is wrong, for the sake of my sanity!
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Jane.l
Average Member
511 Posts |
Posted - 27 November 2008 : 18:03:48
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This means that if you go bankrupt, the secured loans, because they are secured on a property are not included in bankruptcy as such, if you wish to remain in your house, you will have to keep paying the mortgage and secured loan or repossession proceedings will be taken against you. If there is equity in the house, you can get a third party to buy your share out, if there is negative equity, you can nominate someone to buy out your beneficial interest for £1 plus legal fees but you must continue to pay the secured debt.
In my case, we had huge negative equity and the payments were killing us so we left the house to be repossessed and rented and then went bankrupt, in such a case, the shortfall is included in the bankruptcy. |
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| bankruptcyhelp.org.uk Forum |
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secured lending.
