going bankrupt, what about rented property?

wilky1970

hi all,

i need some advice on a property i have that is rented out, i am going to go bankrupt in the next few months and wondered what the position would be with the flat i own and rent out, there is very little equity in the flat and i know the property will be reposessed at some point, should i still keep paying the mortgage with the rent money or should i stop paying the mortgage and keep the rent money and where does my tenant stand with all this? any advice welcomed. thanks!

deedee_3

bumpity bump

fudge59

Hi Wilky1970,

I think theres a similar post to yours - but with the tenant saying that her Landlord is going bankrupt - and advice was put on that for what the tenant should do, it may help.

Personally, if you think theres a good chance that the flat will be repossessed (sp!) if I were the tenant I'd rather know, so that I could look about for another place, afterall your tenant will have to put together quite a sum of money for a deposit on the next place - only courtesy to let them know. I may be a bit biased being a tenant myself!

tigerfeet2006

Also give National Debtline a ring ( think they are open till 9pm.) and go through all your options with them.