Help!what Should I Do With My Property???

KINGOFLONDON

I Currently Havre A Mortgage Of 168000, Im Paying Interest Only Payments Of 1200 A Month, And I Have A Secured Loan Which Is Costing 300 Pounds A Month, I Have Bad Credit So Remortaging Really Isnt An Option, Selling The Property Now Would Probably Only Gey 190000 At Its Current Situation (previously Estimated At 225000)
If I Give The Property Back To The Mortgage Company Is That Still Considered Repossession? Or Not!
If They Take The Property And Sell It For Less Then The Total I Owe (168000 Plus Secured Loan Of 39000) Would I Still Be Liable To Pay The Secured Loan People? (and Since It Is No Longer A Secured Loan, Can I Reduce The Monthly Payments From 300?)
If I Go For Bankrupacy Will That Clear All My Debts And How Do I Go About It? And How Long Before I Am Credit Worthy?
Becuase I Am Thinking Of Living Abroad With My Wife In The Czech Rep, Would It Affect My Dcredit Score There?
Its Just Too Expensive For My Wife And I To Continue This Way, Need To Know Best Way! Thankyou

Running_Horse

Don't take this the wrong way, but you will probably get a better, more useful, and less judgmental reply from this forum:

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

They will need a detailed statement of your financial affairs, then take it from there.

GDB2222

The simple answer is that you would remain liable for all the debts not covered by the sale proceeds of the house, and yes they can pursue you in the Czech Rep, although they may not bother.

silvercar

Why the capitals?

KINGOFLONDON wrote: »

I Currently Havre A Mortgage Of 168000, Im Paying Interest Only Payments Of 1200 A Month, And I Have A Secured Loan Which Is Costing 300 Pounds A Month, I Have Bad Credit So Remortaging Really Isnt An Option, Selling The Property Now Would Probably Only Gey 190000 At Its Current Situation (previously Estimated At 225000)One option would be to sellup and borrow elsewhere to pay back the loan.
If I Give The Property Back To The Mortgage Company Is That Still Considered Repossession? Or Not!Yes, a voluntary repossession is still a repossession.
If They Take The Property And Sell It For Less Then The Total I Owe (168000 Plus Secured Loan Of 39000) Would I Still Be Liable To Pay The Secured Loan People? Yes(and Since It Is No Longer A Secured Loan, Can I Reduce The Monthly Payments From 300?)Depends on the terms of the loan.
If I Go For Bankrupacy Will That Clear All My Debts And How Do I Go About It? And How Long Before I Am Credit Worthy? You could go bankrupt, but think carefully about it. You would not be credit worthy for 6 years.
Becuase I Am Thinking Of Living Abroad With My Wife In The Czech Rep, Would It Affect My Dcredit Score There?Possibly, depends how deep they investigate you.
Its Just Too Expensive For My Wife And I To Continue This Way, Need To Know Best Way! Thankyou

Bankruptcy would clear your debts, though it would affect your credit rating.

You need to tackle how you got into such a mess, to make sure history doesn't repeat itself.

macaque_2

Running_Horse wrote: »

Don't take this the wrong way, but you will probably get a better, more useful, and less judgmental reply from this forum:

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

They will need a detailed statement of your financial affairs, then take it from there.

I think people tend to be more judgemental when they read pompous and patronising posts (nudge nudge).