Owning 2 properties

cathy57

Hi everyone,

I am new to this site and hope someone will be able to give me some good advice.
I have £55000 worth of unsecured debts (loans,credit cards and one unpaid tax bill.
I own one house which I tried to sell recently.It was on on the market for £250000 and got an offer for £240000.Unfortunatly the buyer withdrew his offer.So I am back to square one.I owe £184000 on this house.
I also own a flat which was valued at £175000 over two years ago.I don't know what it is worth now.Probably no more or even less.I owe about £153000 on this flat.I have tenants in this property and it hardly pays for the morgatge.
It has now come to the point where I can't cope with the unsecured debt.I have defaulted on two credit cards and one loan and am about to default on an other one.
I am seriously thinking that bankrupcy will be my only option to get out of this mess.My question is : having two properties,would I loose both?Many thanks for any help.

skylight

Property and BR is a minefield. You will definitely lose one - but which one (or both) will be based around equity, secured loans, mortgage arrears and lots of stuff. (You have a reasonable amount of equity in both TBH).

If, by chance you are allowed to buy the beneficial interest in one and keep it, then you would be expected to live in it.

Have a chat with Payplan or CCCS - these are free debt charities and can help advise you. Links are at the top of the BR forum. Its essential that you get advice.

cathy57

Thank you for your reply.I will definatly contact the CCCS or payplan.