what happens next???

pink-lint_2

fermi wrote: »

It is definitely covered.

If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?If you continue to live in the property it is likely that you will continue to make payments to the mortgage loan company to avoid the property being re-possessed. When the property is eventually sold any shortfall to the mortgage loan if you have been discharged, as you are released from the debt on discharge.

Probably best to tell his OR just so they know what is happening, or is likely to happen.

There is nothing they can do about it at the moment since the full liability now falls to you.

Once you are BR yourself and the property is sold, then if the lender makes moves to recover the shortfall you can simply refer them to your OR.

he was discharged on the 13th may sorry im still confused , will it go to his BR and then i will go BR.

like i said above there isnt really worth me going BR till after the REPO as i only have about £1000 worth of debt.


also should we inform the OR or just wait and see ,


next mortgage payment will be due on the 20th june , i paid mays then cancelled the DD.

so as far as abbey know i could just be changing banks

cjmcg

We are planning our BR at the moment, can we stop our mortgage/loan payments now?

fermi

The shortfall doesn't exist at the moment so it can't "go into" his BR. But his liability for any potential shortfall is now ended.

Probably a good idea to tell his OR what you are doing so it won't come as a surprise further down the line. As a courtesy really.

When you go BR then your liability will be wiped out as well.

pink-lint_2

fermi wrote: »

The shortfall doesn't exist at the moment so it can't "go into" his BR. But his liability for any potential shortfall is now ended.

Probably a good idea to tell his OR what you are doing so it won't come as a surprise further down the line. As a courtesy really.

When you go BR then your liability will be wiped out as well.

sorry , im having a really thick day.

why has it ended, is it because hes discharged?
i thought they had a 3 year hold on the house? we didnt buy th BI

sorry i PM you before i seen this reply, thanks pink:o

clanbailey

hiya pink

yea it is a bit of a grey area with him being discharged already thats why it is best to phone OR and get it straight from them then you know what you need to do :O)

cjmcg if you are planning br then stop all payments apart from utilities as you can qualify this IF questioned (which most arent) by saying you needed the money for br fees, deposits etc (just try and keep it outta the bank)

cjmcg

what about council tax? can I cancel that payment?

pink-lint_2

no dont stop council tax you need to pay that

clanbailey

yea defo dont stop council tax or any utility bills - just mortgage and any secured loans

pink - did you speak to OR?