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.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Bankruptcy & Joint mortgages
innocentsi
Posts: 11 Forumite
Hi there.
I find myself in a situation where I'm thinking of going bankrupt but have a joint mortgage with my mum.
If I do go bankrupt in the uk, will she be forced to pay the whole mortgage given the flat is in about 30k negative equity at the moment.
I had been told they will not view the flat as an asset in negative equity.
And that they could only account for MY half of the flat.
Is this right?
I find myself in a situation where I'm thinking of going bankrupt but have a joint mortgage with my mum.
If I do go bankrupt in the uk, will she be forced to pay the whole mortgage given the flat is in about 30k negative equity at the moment.
I had been told they will not view the flat as an asset in negative equity.
And that they could only account for MY half of the flat.
Is this right?
0
Comments
-
Going bankrupt won't make any difference to your mortgage. It will stay in both names and you both continue to pay it as normal.
The OR is only interested in the equity, not the mortgage or ownership.
If there were any equity, then yes it's correct they could only have your half.
HTHAccept your past without regret, handle your present with confidence and face your future without fear0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards