Your mortgagee would take the necessary steps to repossess the property and any resultant shortfall woul be cliamed in the bankruptcy.
I would inform the OR though of your intnentions to stop payments
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Mmmm im trying to think ahead and work out if im likly to be able to get a lender for a mortgage again because of my br im in neg equity and its not likly to get back above in a hurry so do i not pay the mortgage and save the money then rent or do i carry on paying the mortgage on a property that is likely to be in neg equity for at least a couple of yrs???????????
As the bankruptcy is going to be on your credit file for 6 years, so it will be that long before you would get a decent mortgage, and the amount of negative equity you have, would probably be the deciding factor in whether hang on.
Hi,i would like to ask what would happen
Posted - 20 May 2009 : 19:59:14
