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House repossession then bankruptcy
laurel48
Posts: 42 Forumite
My house was repossessed last month and due to the negative equity it is quite likely there may be a significant shortfall.
Apologies if this has been answered before as I couldn't find it but I tried to VS last year but my ex refused to communicate with the mortgage company and they would not accept it. In my stupidity before reading this excellent site I signed the DOA.
If the main mortgage charge is not covered by the sale of the house will they be able to recover the shortfall should I then declare bankruptcy as soon as then debt becomes unsecured due to me signing this form?
I ask because my main mortgage is NRAM and they can be interesting to deal with at times!
Apologies if this has been answered before as I couldn't find it but I tried to VS last year but my ex refused to communicate with the mortgage company and they would not accept it. In my stupidity before reading this excellent site I signed the DOA.
If the main mortgage charge is not covered by the sale of the house will they be able to recover the shortfall should I then declare bankruptcy as soon as then debt becomes unsecured due to me signing this form?
I ask because my main mortgage is NRAM and they can be interesting to deal with at times!
0
Comments
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The shortfall debt will fall into a subsequent bankruptcy.
Before bankruptcy you would be laiable for any shortfall even if you had not signed, the advice is not to sign AFTER bankruptcy because that creates a new post bankruptcy debt.0 -
Many thanks for the helpful reply, I have learnt my lesson and now don't sign anything mortgage related.0
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