I have an outstanding balance of 105000 on my mortgage but my house is only worth around 100000. I have a secured loan of 33000 which I pay 300 a month for and a 3rd charge on the property due to falling behind with an unsecured loan which I'm on an arrangement for and pay £47. What I'm wanting to know is would they still take my home if I failed to pay the secured loan and 3rd charge as neither would see any money if the house were sold. Thanks.
yes, they would, if you want to keep the house, you need to pay all the secured debt on it or it will be repossesed
if the house is such a burden and you are considering bankruptcy, you need to think long and hard about if it would be realistic to try and keep the house in the longterm
If you do decide to sell your home and move into rented accommodation and become bankrupt, any shortfall on your house to either the mortgage company or either of your secured creditors will be written off in the bankruptcy.
Would they still take our home
Posted - 22 October 2010 : 06:22:10
