We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
please help me quick!

angel182
Posts: 78 Forumite
I am in a big mess.
My husband and I decided we had to BR. We bought a renovation 3 years ago it has been a money pitt since and we are in alot of debt.
The Mortgage is 174.00 secured and 12000 unsecured, we had the house valued at 125000 which was a great blow last year was 186000! we have 57000 between loans credit cards and overdrafts some are joint debts.
We planned to go Br in February and the house is in negative equity so we thought we may have a chance of keeping it.
Just to ruin my life even more the husband i loved has now left me and moved out of the house so i am dealing with it alone and Its now just me and my labrador dog.
I am in a massive dilemma, I have been offerred a rental that excepts dogs and i need to say yes or no today, it is ideal for me
I have been told to stay put in the house by friends ands i may be responsible for rent and mortgage payments and i may get in trouble. i cant get legal advice before xmas and i ma desperate.
The property is too good to lose
Please help me can i leave the house now go br and add the house to my part
please help
Angel xx
My husband and I decided we had to BR. We bought a renovation 3 years ago it has been a money pitt since and we are in alot of debt.
The Mortgage is 174.00 secured and 12000 unsecured, we had the house valued at 125000 which was a great blow last year was 186000! we have 57000 between loans credit cards and overdrafts some are joint debts.
We planned to go Br in February and the house is in negative equity so we thought we may have a chance of keeping it.
Just to ruin my life even more the husband i loved has now left me and moved out of the house so i am dealing with it alone and Its now just me and my labrador dog.
I am in a massive dilemma, I have been offerred a rental that excepts dogs and i need to say yes or no today, it is ideal for me
I have been told to stay put in the house by friends ands i may be responsible for rent and mortgage payments and i may get in trouble. i cant get legal advice before xmas and i ma desperate.
The property is too good to lose
Please help me can i leave the house now go br and add the house to my part
please help
Angel xx
0
Comments
-
Angel, you have replies on your other thread.XXXAccept your past without regret, handle your present with confidence and face your future without fear0
-
Hi and welcome,
If you are going to go bankrupt and you don't want to keep the mortgaged property then it will go into your bankruptcy.
That is the simple version, someone will be along in a minute to explain it,
Have you taken advice from CCCS/NDL/CAB?
Edit: the guys are on the case already.:)Namaste DeeDee x0 -
From experience of having a mortgage when going bankrupt I was told mortgages can not be included in bankruptcy debt in other words you can go bankrupt but still owe your mortgage and you are still liable until repaid wether it be from sale of your property or you continuing to pay the mortgage. As I had equity It was sold from under me, Mortgage repaid and remainder went to debtors. If you can not get any legal advice speak to Insolvency Service about rules on property. I found them very helpful.0
-
lorraine if there is a shortfall ie negative equity, then when the house is sold the shortfall WILL be included in the bankrupty.Namaste DeeDee x0
-
Angel, you may find it easier to ask questions on just one thread rather than a few - gets confusing otherwise!! xxx0
-
CB she is, it's just Lorraine ressurected this one.Namaste DeeDee x0
-
IIRC, this one was originally posted in DFW.
The other thread has become the main one, so please could any further posts be made there.
Clicky for the main thread and further postsBSC No 248
Free, confidential advice
National Debtline 0808 808 4000 | StepChange 0800 138 1111 | CAB - Get Advice
0 -
-
Don't worry CB i got confused too:rotfl:Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards