Hi, just reading on another thread that secured loans don't come under bankruptcy, im worried now as i have a secured loan on the property i had repossed on the 5th march, please advise!!!!
secured loans are treated the same as a mortgage. If you or someone else intends to remain in the house then all secured loans / mortgage monthly payments need to be made otherwise posession / reposession and ultimately reposession will happen.
However if you have or are intending to hand back the house to the mortgage company, and the house is ultimately sold, any shortfall of the mortgage or secured loan will become unsecured and therefore can be included in Br.
secured loans and bankruptcy !!!!!!
Posted - 19 March 2009 : 17:43:54
