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.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

mortgage/secured loan

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

Comments

  • DON79
    DON79 Posts: 3,842 Forumite
    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

    Donna :D
    BSC #215/No.1 Jan 09 Club
  • hi me and wife are both bankrupt already
  • Are you discharged? Is the trustee not dealing with the house?
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • 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 started
  • 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 ForumTeam
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.