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kim
Junior Member
171 Posts |
 Posted - 28 April 2008 : 23:03:31
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Hello,
My husband and I are being taken to court by a mortgage company, because after we signed our house back to them, they sold it for less than we owed. I own another house that is tenanted (only in my name). If my husband were to declare bankruptcy, would I be required to sell the house I own to pay back the debt. Adding to all of this that we are now residents in the US.(for the last 2 years). Any advice would be helpful.
Kim |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 29 April 2008 : 13:19:42
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Hi Kim,
If your husband were to declare Bankruptcy you would become solely liable for the shortfall from the house you handed back to the mortgage company.
If they are aware you have another property they may try to secure a charge over this to protect their debt, but you would not necessarily have to sell this to pay the debt back.
What was the level of the shortfall?
You may well be able to negotiate a settlement for the shortfall with the mortgage company.
I hope this helps.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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kim
Junior Member
171 Posts |
Posted - 29 April 2008 : 13:33:12
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| Thank you Mr. England. The other option is to let the mortgage company file against us and see what happens. The shortfall includes a lot charges by the company. The mortgage was for 272,000, they sold it for 268,000, however they say that we owe them over 51,000 because they loaded it with charges including a prepayment penalty. We are really not sure what to do at the moment. My husband's mother is living in the house that I own and has done so for over 10 years. Thanks again. Kim |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 29 April 2008 : 13:39:02
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Hi Kim,
I always think of my father as Mr. England so please call me Brett.
Although they have loaded this with charges I think if you were to mention to the mortgage company that you and your husband are looking at Bankruptcy they would be willing to negotiate.
What level of equity have you in the other property you own and could you raise any funds against this for a settlement?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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being taken to court by a mortgage company
