our home

anniebaby_2

what would happen if me and the hubby just left our home that we own ? ive lost my job and we cant afford it with other debt as well, just had enough

JustinCredibleGillespie

It sounds like your talkin about voluntary repossession? How are you going to pay the debt or are you thinking of bankruptcy?

JCG

xx

anniebaby_2

no just going and leaving it behind, not tell anyone, and yes to your question of bankruptcy, we have asked and thought about it dont know what direction to go tho x

JustinCredibleGillespie

Pop over to the 'Bankruptcy & Living With it' forum and we'll try our best to answer all your questions. Give a little bit more detail in your questions and you'll get the best answers.

All the best

JCG

xx

fermi

First of all, please contact one or more of the organisations in this link.

----> IMPORTANT - Where to seek professional impartial advice about your debts.

They will help you work out the best way forward.

Are you likely to find work soon? If you do would you be able to afford the mortgage again?

Is there any equity in the house?

Giving up the house could be a good idea if your circumstances are not going to improve, but you could also be some way from that yet.

Keeping a roof over your head is a much higher priority than paying most unsecured debts.

I should also add that you don't always lose your home in bankruptcy, especially if there is only a small amount or negative equity.

FireWyrm

Just out of interest, where were you planning on going?

If the house is reposessed and there is a shortfall, you would still be liable for the excess, no matter where you were. Short of leaving the country entirely, there's really nowhere to hide and it would probably go better if you stayed put and rode it out. There is another reason for sitting tight also. So many times on these forums we see people who are absolutely desperate and yet they come back a year later and update the forum to tell us that they've paid off their debts and are happier than they've been before. It may look bleak now, but honestly, it probably isnt as bad as you think and there are certainly ways out of the mess.

See this thread if you dont believe me : https://forums.moneysavingexpert.com/discussion/2880092

Compare post 1 to post 16 on that thread...then have another think about your chosen course of action.

JustinCredibleGillespie

FireWyrm wrote: »

Just out of interest, where were you planning on going?

If the house is reposessed and there is a shortfall, you would still be liable for the excess, no matter where you were. Short of leaving the country entirely, there's really nowhere to hide and it would probably go better if you stayed put and rode it out. There is another reason for sitting tight also. So many times on these forums we see people who are absolutely desperate and yet they come back a year later and update the forum to tell us that they've paid off their debts and are happier than they've been before. It may look bleak now, but honestly, it probably isnt as bad as you think and there are certainly ways out of the mess.

See this thread if you dont believe me : https://forums.moneysavingexpert.com/discussion/2880092

Compare post 1 to post 16 on that thread...then have another think about your chosen course of action.

I just read that thread 2 mins before:rotfl:. Great news :D:D

anniebaby_2

the hardest thing that i have to think and come to terms with is that if hubby goes br will i still lose my home cause i am not working now ? x and honestly all of u that have responded gives me some kind of hope from my first post that i posted out of desperation x