I have started this thread because as was pointed out iwas just confusing the original poster. Also i appologise for the incorrect use of the term contingent liability. What i meant was a debt where the liability to the estate had yet to be determined.
anyhow, here goes and feel free for any of the experts or regulars to join in. I just wanted to go through it bit by bit, logically and with specific answers.
First off are we all agreed that the debt is created when the person signs the mortgage and that once bankrupt provided nothing else happens that the shortfall will fall into the bankruptcy because
1) the original debt was before the bankruptcy 2) Once bankrupt the secured creditor may only rely upon the asset they are secured against
Mortgage shortfall
Posted - 30 November 2009 : 17:39:19
