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mortgage/secured loan

dryliner1
Posts: 92 Forumite
hi just when i thought things were getting better i spoke to a solicitor today about my mortgage rescue that is going through and for him to act for me. i have a secured loan as well as mortgage .we have had on offer from association to buy and this will basically pay most of mortgage.my secured wont get a penny but he has said i will have to sign to pay black horse seperate interest free for about 20 yrs.i thought the idea of mortgage rescue was to help and for my bankruptcy to get rid of debts and have a new start.am i right in thinking that if i get repossessed and dont sign anything the secured loan falls into my br.any suggestions or ideas would greatly help thanks
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Comments
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Hi, yes if your home does get repossessed and then there is insufficient to clear both your mortgage and your secured loan, then at the date of repossession your secured loan would become unsecured and then would be able to be included should you take the route of bankruptcy.
Hope you have had advice from one of the debt charities about all the options open to you including BR?
Best wishes
DonnaBSC #215/No.1 Jan 09 Club0 -
hi me and wife are both bankrupt already0
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Are you discharged? Is the trustee not dealing with the house?Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
hi no not discharged till june.receiver is happy for rescue to go through.we have not bought interest back as we were going for repo till mortgage rescue started0
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If you have sold the house then the loan becomes unsecured and would fall into your bankruptcy. You may find the SL co. will put their oar in and refuse to let you sell the house if they won't get a penny. In that case you would have to go for reposession and look for somewhere else to live, then your mortgage and SL will fall into the bankruptcy.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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