What's going to happen with shortfall?

confuzzled2012

hi

well i have a court date for a month or so time, obviously i'll let court repossess house as i've now moved out, what i'm concerned about is shortfall. Are they likely to go for a CCJ or bankrupsy?
The ball starts rolling again ........
thanks

freddy911

Impossible to answer without more details about your personal circumstances and details about your other debts. However I would imagine if they have took your house then they would try a CCJ before making your bankrupt as obviously they have taken your major asset (House) hence would likely not get much back from making you bankrupt.

confuzzled2012

Hi
thanks for your reply, basically I have moved out of my mortgaged property i shared with my ex up until 3 years ago, the mortgage payments were getting harder and harder on my own and were' £835 interest only, i tried to sell with no luck, 1 viewing, house price has dropped 60k in 4 years so massive negative equity, couldn't remortgage and pondered with the decision for over a year and then decided to move out whilst i had a choice. I have no other assets, car is on HP but i'll be giving that back and getting a banger soon, have about £3k in other debts.
Shortfall will be 60k plus i'm guessing if they sell, could be more, ex is wanting to go bankrupt so they'll chase me for all of debt. Just wondering if their likely to go for CCJ or bankruptcy, I'd rather make the decision myself than be forced into it if you get what i mean. I guess CCJ they've more chance of getting more money back whereas with bankruptcy they can only get IPA for 3 years, any advice would be greatly welcomed.
thanks

geoffky

Be careful about the shortfall..in the late 80s i had my house repossessed and 10 years later they turned up asking for the shortfall..i had married and had kids and a good job had told my wife all about it...if i had the time again i would of gone br just to make sure the shortfall was wiped away..

SeniorUnit1

Im just about to go through the exact same thing. The shortfall on my property will be 20-30k give or take. I rented to pay the mortgage but I believe they have found out that im renting without permission (without permission because they strangly will not let me). The other person on the account left the country 3/4 years ago and has not paid a penny to the house. Im left same as you without being able to pay. So ill be handing back the keys. Id love for them to make me bankrupt I really would. I think they would rather hound me for the money though. Im in the stage now where nothing is working and im simply going to wait untill they find me. Then take it from there.

Hope it pans out pal.

SouthCoast

Information about mortgage shortfalls from National Debtline:


http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

gravitytolls

Can you not declare yourself bankrupt? You're losing your home anyway.

geoffky

They will not make you bankrupt unless you have money somewhere..you have to do it yourself...i made the mistake of thinking it would go away..