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Lifetime Mortgage / Bankruptcy / Debt Question
simonb1979
Posts: 4 Newbie
Hello everyone
I have a question, and I hope that someone can help. Not sure if I'm posting in the correct place or not??
My parents are in a really serious financial mess. they own their home, but have a lifetime mortgage (equity release through Norwich Union) that they did some time ago, to try to help pay off some of their debts. Due to unemployment over a period of time their debts are very high and they are struggling to actually pay them. I am concerned that they may be facing bankrupcty.
I am wondering what the situation is with the lifetime mortgage if 1. they were made bankrupt - would they lose the house? 2. if they weren't made bankrupt but looked at one of these Sell/Rent Back-type schemes, is that even possible to do after getting a lifetime mortgage?
Any advice would be gratefully received!
Many thanks
Simon
I have a question, and I hope that someone can help. Not sure if I'm posting in the correct place or not??
My parents are in a really serious financial mess. they own their home, but have a lifetime mortgage (equity release through Norwich Union) that they did some time ago, to try to help pay off some of their debts. Due to unemployment over a period of time their debts are very high and they are struggling to actually pay them. I am concerned that they may be facing bankrupcty.
I am wondering what the situation is with the lifetime mortgage if 1. they were made bankrupt - would they lose the house? 2. if they weren't made bankrupt but looked at one of these Sell/Rent Back-type schemes, is that even possible to do after getting a lifetime mortgage?
Any advice would be gratefully received!
Many thanks
Simon
0
Comments
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Does nobody have any advice?
0 -
Sorry, I don't have any advice as it sounds a complicated situation, but I would suggest that your parents got some advice quite quickly. They need a debt specialist I would think. Try their local CAB to see if they have one, or can recommend one.0
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