mortgage/secured loan after bankruptcy

and306

I am looking for some advice please,firstly me and my oh are planning to go bankrupt,we have been to CAB today and the person we saw is concerned about the house after the bankruptcy,obviously he explained about the OR and negative equity thing which is ok,he then went on to say that either our mortgage company or secured loan company could want there money from the property so might make us sell it,has anyone had a similar problem/experience?all help appreciated:)

dojoman

As far as I am aware, as long as you keep your payments up then you should be ok.

sizzler

Hi there, Dojoman is right if your payments are up to date and you can afford them should be ok.

I would suspect you could hit trouble if you had heavy arears.

sizzler

peachyprice

and306 wrote: »

he then went on to say that either our mortgage company or secured loan company could want there money from the property so might make us sell it,has anyone had a similar problem/experience?all help appreciated:)

Sorry, that's just scaremongering by the CAB.

Your mortgage and especially your secured loan company would rather you stayed in the house and paid, that's the only way they're guaranteed to get their money back.

The scenario your advisor is suggesting just doesn't happen. There is a clause that allows your secured lenders to give up their secured status, but they would then have to join the queue with the rest of your creditors for any pay out. Perhaps that's what they were getting confused with?

Anyway, if you can afford the mortgage and s/l and like the house there's no reason to leave, especially if it's in negative equity.

HTH

and306

Thanks for the replies,i was just concerned because we have lived in our house for nearly 14 years and don't want to lose it,we have no arrears on any of our secured borrowings.I am sure i will have lots more questions as i try to fill the forms in:(the man at cab says i should be able to fill them in myself as i seem to know what i am doing(this is only because of everyone elses experiences i have been reading about)i am actually quite nervous about filling them in,he said he would look over them for us but can't get appointment until end of month.