What do about the house

rock_queen

Hi,

I'm hoping to be going bankrupt next month and have just had a laughable offer made on the house which has been on the market for ages. The offer doesn't even cover the mortgage let alone any fees. From next month I am assuming the bank will start repossession procedings as the mortgage hasn't been paid for 6 months and that is the time they allow you to sort payments out. What do I do? accept the offer knowing that I wont be able to pay the fees and the shortfall goes into the bankruptcy or not accept and wait until the bank does thier thing?

We're in rented now and have most things sorted. The question is will I be able to keep the direct debits for the gas and electric? we are on LPG so get it delivered in bulk and i pay by direct debit a certain amount each month to cover what has been delivered.

I will probably be back again with more questions as we get closer to february

Many thanks in advance

Mouse1812

If you go bankrupt any shortfall from the mortgage will fall into the bankrupty, so it makes little difference to you

but, is the mortgage in joint names with anyone?

rock_queen

Thanks for your reply.

The mortgage is in my name only. Would I be able to include the fees in the bankruptcy aswell? estate agent and solicitors.

Thanks

System

Err... you're going BR. You're already in rented. Why bother even trying to sell it? Just leave it, let the bank take possession and let them worry about it.

Mouse1812

I'd be inclined to leave it for mortgage company to sort out. If you try and complete the sale yourself you will only run into difficulties with solicitor and estate agent not being paid, and agro from Mortgage company over shortfall. Who will get paid? who will agree to what?

Stuff that, get on with your life.

But to answer your question, yes if the fees are unpaid they can go into your bankruptcy, but I would suggest you should avoid incurring fees that you know you can not pay - won’t look too good.

luvchocolate

totally agree let the bank deal with this, I was in the same position and the o.r said i did the right thing, it will be fine

rock_queen

Thanks Guys, I will take your advise and just leave it for the bank to do thier thing. Guess I'm still trying to do the right thing by everyone.

alastairq

We're in rented now and have most things sorted. The question is will I be able to keep the direct debits for the gas and electric? we are on LPG so get it delivered in bulk and i pay by direct debit a certain amount each month to cover what has been delivered.

Hi....do you have basic bank accounts sorted?

[With either Barclays, or better still, Co-op Cashminders, for their internet access?}

If so....and they are used solely for day-to-day living......[on the 'day', the OR will ask about this, to establish whether the OR ''has-an-interest?'']?

The OR will inform the bank if there is an 'interest' or not...and if not, then the account remain active, and DD's will continue as normal.


Check the T&Cs on the LPG contract for any mention of BR.....if none, then continue as before.

I had no issues with electric [my sole fuel]..since they were not owed anything.

Some find that , 'on-the-day'...the old account is terminated and a new one commenced, however.

rock_queen

Thanks for that. I opened a Co-op account a month or so ago and have been having everything going into and out of this account. So far I've been really impressed with them. Will check the LPG contract but I dont seem to remember reading anything about BR.

SteveABC

messedupmoney wrote: »

Err... you're going BR. You're already in rented. Why bother even trying to sell it? Just leave it, let the bank take possession and let them worry about it.

Exactly - that's what I did. Just forget about it, ensure the mortgage and "any subsequent shortfall" are listed in your debts on your SOA.

Things will just take their natural course.

Took 9 months for mine to be repo'd (NRAM) - it all happened in my absence (even the court hearing). Just DON'T SIGN ANYTHING.

Good Luck.

alastairq

ensure the mortgage and "any subsequent shortfall" are listed in your debts on your SOA.

although, the above isn't essential for the shortfall to be included in a BR.