my property is in negative equity which i dont want to keep after i go bankrupt but would i be made to pay the short fall are will this be included in my br
If you have made the decision that you wish to hand the property back following bankruptcy, please list the mortgage details on the 'secured' page of the statement of affairs, and also on the 'unsecured' page again list the mortgage company for £1 - the shortfall is then included in the bankruptcy - whatever the final amount is.
If it is your intention to hand the house back, cease your payments on the mortgage and use the monies to enable you to pay rent and bond on a suitable alternative rented property. Your mortgage company will expect you to be in arrears prior to your surrender of it back to the mortgage company
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
my property is in negative equity
Posted - 27 February 2009 : 18:48:57
