can they chase me

nev32

can the mortgage company & secured loan company chase us for any outstanding debt plus interest after the house is repo & sold.

situation is we owe £165000 on mortgage plus approx £10000 on secured loan, we are in negative equity & house has been valued @ £157000. we bought for £183000. we are due to go b.r on 10th sept but people keep telling me they can still chase us after b.r for what is left after repo auction sale of house. is this true??
I was under the impression that once you are bankrupt they have to deal with th o.r & you cant get in more debt or chased while b.r?? any advise woule be a help.

stintond

no , they cant BUT you mustnt sign anything they ask of you , they might be pretty persistant but you need to stick to your guns , they will repossess that house whether you sign or not.
If they offer you a voluntary repossesion they will ask you to sign a deed of acknowledgement , or something that resembles this.

stintond

make sure you put down the mortgage and your secured creditors on your br petition.

nev32

thanks stintond, yeh we are aware of this. just get stories from people & make u worry but i guess they dont know any better as they are not in this situation. we are being helped by k2nga who is on here as he is a close friend so thats good. thanks for the advise.

maxmycardagain

just get a reciept for the keys and walk away, no, RUN away...

nervousmother

I agree with above posters, do not sign anything!

for the record though, if you went BR tomorrow they can still chase you for the debt and continute to hound you until the property is sold, only at that point does the debt become unsecured and then included in your BR, it is this information that the mortgage providers use to confuse people who are thinking of going BR, they are left thinking there is no point in going BR if they can still push them into paying, but its only true until the debt is unsecured.