hi. i am £45000 in debt after a marriage break up. the house has a joint mortgage of £217000 but is currently worth only £185000. if i declare myself BR, can i ask them to take the house so that i will not owe the shortfall at a later date?, if so how long will i have to find a new home?. i have 2 small children. thanks.
Yes you can (i presume that you dont want to stay) Most peole could easily get about 3-6 months without paying the mortgage before they were forced to move out
The mortgage shortfall will fall into your bankruptcy so the debt ( which could easily be over 50k after it has sold) will not be your problem.
Couple of things
1 don't rush to go br. You will need to get some funds together to get a rental deposit and moving costs. The mortgage co will not start posession proceedings until at least 3 months mortgage payments are missed.
2 it would be good to make sure that there are mortgage arrears because you don't want problems with council tax on the house after br. Particularly if you are with northern rock.
The mortgage shortfall will fall into your bankruptcy so the debt ( which could easily be over 50k after it has sold) will not be your problem.
Couple of things
1 don't rush to go br. You will need to get some funds together to get a rental deposit and moving costs. The mortgage co will not start posession proceedings until at least 3 months mortgage payments are missed.
2 it would be good to make sure that there are mortgage arrears because you don't want problems with council tax on the house after br. Particularly if you are with northern rock.
hi. i am £45000 in debt after a marriage break up.
Posted - 07 August 2010 : 07:14:30
