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| Cartway |
Posted - 19 May 2010 : 12:29:06
I will be declaring BR a few months from now. I am about to stop my negative-equity Mortgage Payments and aim to hand back the property in 2-3 months (before any court action begins).
My Question concerns the order of activities. Namely, Do I go BR and then hand back the house or Hand back then go BR?.
Or is there another strategy that suits this situation better.
My greatest fear is that I do things in the wrong order and shortfall from the house sale is not transferrable to the BR leaving me liable.
Many thanks and Kind regards,
Mark |
| 5 L A T E S T R E P L I E S (Newest First) |
| Cartway |
Posted - 19 May 2010 : 15:07:30
Thanks for the reply Bridgewood.
That's very good information. As mentioned I'm really looking to just buy a couple of months while I get my affairs in order. There would appear then, to be nothing stopping me going bankrupt at the earliest opportunity while separately fending off my Mortgage company.
On the latter front, I'm aware that signing Voluntary Repossession documents may be problematic so intend to simply write to them with keys as soon as practical after the BR is sanctioned and my other ducks line up.
That has helped a great deal - many thanks. |
| Bridgewood |
Posted - 19 May 2010 : 14:11:56
Hi Cartway
How long you can stay in the house whilst not paying the mortgage is between you and the mortgage company. If there is negative equity the OR won't be interested other than how it affects your income and expenditure.
I would have thought you'd be able to manage three months before the mortgage company takes possession.
As far as the bankruptcy is concerned, as others have said, it doesn't matter which way round you do it. Either way, you owe the debt to the mortgage company now, so if you go bankrupt tomorrow or three months from now is academic as far as the shortfall is concerned - it will be a part of your bankruptcy in any event
Hope that helps
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Cartway |
Posted - 19 May 2010 : 13:00:14
Thanks for the reply Richard.
I have taken advice from a number of sources including CAB, Insolvency Practitioners et al and this question of the House/BR order seems to attract disagreement.
From my perspective, I wish to try and stay in my house for a few more months if possible (I provide accommodation for 2 children 3 nights a week which needs sorting) and to get ready to move in with my out-of-area Fiancee.
Ideally of course, if I could remain in the house until August but launch the BR as soon as possible then it would work out well.
However, if I must stay my hand on BR until I hand back the house then so be it. In essence then, I'm committed to the latter course but would prefer the former if it could be ahcieved.
Kind regards,
Mark |
| Housing |
Posted - 19 May 2010 : 12:48:37
Hi,
I agree with the other Richard, speak to an expert before you take any "leap".
There are a number on the left hand side of the page - I can maybe assist with the house with advice as you get a bit further - do ensure there is a plan with action points.
The other organisation to assist with advice is the CAB.
Good luck, Richard
"There are no problems - only solutions" |
| Richard P |
Posted - 19 May 2010 : 12:45:32
Hi Mark
The order of the house does not really matter at this late stage but do not such out of your home until you are sorted in the new residence.
as long as you have declared the mortgage company as a creditor
have you spoken to an expert just to confirm you have all of the ducks in order.
good luck regards Richard |
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