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Debs123
Starting Member
United Kingdom
2 Posts |
 Posted - 15 February 2012 : 15:08:24
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| Hi, I was declared bankrupt in 2008. At the time my house was valued at 160,000 - I had a mortgage of approx 162,000 and so I kept the house. However, I had a second charge and that lender is looking to repossess...Im obviously worried sick as I thought that because when I went through the bankruptcy that the second charge was unsecured at that time and so now could not be pursued.. any advice |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 February 2012 : 15:41:22
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Hi,
If the house wasn't repossessed then the secured loan, as far as I am aware, was still secured on the house. Did you carry on paying the mortgage and secured loan?
It only becomes unsecured if you give up the house or it is repossessed.
I do stand to be corrected though.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Debs123
Starting Member
United Kingdom
2 Posts |
Posted - 15 February 2012 : 15:45:55
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I dont know how it can be still secured as at the time of my bankruptcy (which I was hoping was crucial) there was no equity.
Ive never made payments as it was only to secure a business loan ( the business when bust in 2008 and it is RBS trying now to get the monies in ) .....
Feels unjust that I got through the bankruptcy - kept my house and now they can come along and nip in - so to speak
I dont think they will succeed as not only is the house still in negative equity ....its got a subsidence claim going through !
any more advice welcome
Debs
quote:
Originally posted by kallis3
Hi,
If the house wasn't repossessed then the secured loan, as far as I am aware, was still secured on the house. Did you carry on paying the mortgage and secured loan?
It only becomes unsecured if you give up the house or it is repossessed.
I do stand to be corrected though.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx
Debbie Sinclair |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 February 2012 : 16:28:44
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As far as I am aware, if you have kept your house then it will still be secured and they can try and repossess if you haven't kept up with the repayments.
As I said though, I do stand to be corrected.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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debtinfo
forum expert
2826 Posts |
Posted - 15 February 2012 : 17:43:08
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| Yep if it was secured prior to the bankruptcy then it will remain secured until the property is sold, that is what you agreed to when you gave the property as security |
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Hi, I was declared bankrupt in 2008. Second charge lender now looking to reposess
