bankruptcy & sub prime mortgage lender

DON79

hi, not sure if should put this here or on mortgage board but how will my mortgage lender react if i go bankrupt? can they repossess does anyone know? thanks. we are with Future mortgages, not the best thing i know but had mortgage for few years and never missed a single payment.

PINTACIDER

Hi DON79 , i dont know of future mortgages but from my own experience i wouldnt tell them you are going bankrupt if thats what you have decided but suggest 'missing ' payments in order to pay the BK fees. We missed 4 months payments due to other reasons but thats how long it took before they got heavy and filed for repossesion which was granted to them 2 days ago. If you do decide BK is the only way PLEASE PLEASE PLEASE!!!!! find a rental property first. More people will be along shortly to help a bit more .

peachyprice

Hi Don, the only reason they will repossess is if you stop paying them. As long as you are paying your mortgage everything will continue as normal. They cannot repossess just because you go BR.

DON79

hi pintacider, i know what you have been going through and thank you for taking time to give me some advice about this. I hope that you get something sorted out for a place to stay and don't let the council fob you off when you call them on Monday. Are there any other housing associations in your area that you can try or have you tried them already? Thanks again and good luck!

DON79

thanks peachyprice, my husband is managing paying the mortgage and its fixed for another year so hopefully should be able to keep going with it. I won't tell them if go bankrupt then, i just wasn't sure if they would find out anyway if I didn't tell them or if I am legally obliged to tell them?

LilyBart

Don, is the mortgage in your husband's name only or in both of your names? Either way, Peachy is right and the only reason for repossession would be if the payments weren't made. If the mortgage is in both names, you may be obliged to tell them.

DON79

Hi Lilybart

The mortgage is in joint names but thanks for the reply. its good to know.

Is LilyBart your real name or do you take it from The House of Mirth by Edith Wharton? I love the film but haven't got around to reading the book as yet. Sorry, I know its a total diversion from the topic.

LilyBart

Ah, well it was that or Emma Bovary! Not my real name but I've been fascinated by all those Victorian or Edwardian novels about debt over the last few years, most particularly about women and debt - poor silly Rosamund in Middlemarch, overspending on soft-furnishings and dinner plates... Anyway, where's the laudanum when I need it?

ps Back to the C21st, check out the threads on Beneficial Interest. (See Marklunn's post for starters.) You and your OH will have to take good advice on all this.

DON79

:rotfl: lol. me too, though not much time to read with toddlers aged 2 yrs and 1 yrs!

LilyBart

Er, one 8 year-old but still taking up to three months to complete a classic doorstop novel...

DON79

yes i know what you mean! at least it is an escape from day to day life a little!