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darrenp746
Starting Member
United Kingdom
11 Posts |
 Posted - 13 July 2009 : 20:12:24
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firstly thank you to everyone for advice given last year, i declared myself bankrupt oct'08 and would advise those worrying about it to do it, i feel like a huge weight off my shoulders. anyhow, now i have a further question.
As you know im bankrupt and hope to be discharged on 21 oct this year. i am paying into a payment agreement for next 3yrs. i had approx £200k of loan and credit card debt. i had 13 mortgages, owning my own house and 12 buy to lets. i gave up my house as a voluntary repo as no equity,some of buy to lets have been or are near to be repossesed. my query is that 2 of the buy to let mortgage companies i used have not as yet repossesed the properties and are asking if i would like to continue with ownership of the properties and hence start making payents again (and they ll drop repo proceedings and agree to drop some of the arrears charges). the mortgages are on svr's which are very low, i could easily cover payments letting these 2 out , and although equity is marginal at moment i am attracted to keeping these 2 properties. are there any drawbacks in doing this, i realise rates may go up and i wont be able to move onto a new deal for some time and that any +ve income should be declared to trustees regarding payment agreement, but am more concerned about can anyone i owed money to before bankruptcy have any kind of claim on these assets if they were to regain +ve equity. or would these assets be safe from any pre-bankruptcy creditor, thanks darren
p.s
forgot to mention trustee has said they have filed a notice of disclaimer at court and have no interest in either property |
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RHB
Senior Member
1159 Posts |
Posted - 15 July 2009 : 08:02:51
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Trouble is, what happens if you can't let them out & they are still in negative equity, you could face debt problems all over again! Remember that any shortfall won't be covered by bannkruptcy.
Have you any family that might be interested in taking them over that are more secure financially perhaps? |
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firstly thank you to everyone for advice given
