MY house is under a repossession order at present. Kensington Mortgages today called me and said that they could offer me an assisted move scheme, whereby we both agree a price to sell my house for and we can stay in it until it is sold, paying a nominal amount each month. I have to sign a form to say that I am liable for any shortfall. I know that there will be a shortfall as we would never get the market price for it as the will require a quick sell. My question is when I went to the CAB they said as soon as my house is sold the mortgage company will come after me for the shortfall and I should then go bankrupt. Would I still be able to do this is if I sign the document from the building society.
If you sign something to confirm you owe a debt, and then go bankrupt, the debt is a claim in your bankruptcy, and they cannot pursue you for it.
I do not see how Kensington could pursue you for this after your bankruptcy.
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.
MY house is under a repossession order at present.
Posted - 04 August 2010 : 23:09:12
