More advice needed :-)

whitey31

Hi,

I need some advice if anyone can help,
So myself and OH have decided to leave mortgage home and rent as we can not afford to keep up payments and renting is so much cheaper!
Our house in negative equity and we are going to let the mortgage company go through the motions of repossion once the house is repossed i understand we will be liable for any shortfall, and after thinking long and hard we are going to go bankcrupt can the shorfall be added into bankcrupty as well as our secured loan we have against the house.

I know i keep asking questions, i thinks its because i need to keep reasurring myself that we are doing the right thing for ourselves and our 5yr old son and the happiness of us all, as things seem to be getting us down lately moneywise.

Sunnylooloo

Hi whitey

not sure about your question but will bump you up a bit.

It seems like you have some reservations and can I just say, have you spoken the debt charities and got independent advice on your particular situation.

We all know what a horrible time this can be and so much pressure esp when you have a young family as well to think about.

Take care and don't worry you can ask as many questions as you like somone will always be here to respond (I can't help but I can give you my support)

LL

Angiepange

Hi Whitey

There is some good reading here on what will happen to your home when you go BR What will happen to my home?

When the house is repossessed and sold the shortfall and any secured loans on it will become unsecured and be a proveable debt in your BR. As long as you DO NOT SIGN anything from the mortgage co. to accept liability for the debt.

And reading others experience on here they can try all sorts of skullduggery to get you to sign for it. If you sign nothing the house will still be repossessed no matter if they tell you differently.

HTH Angie x