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Mortgage Shortfall 50k Can I offer Full and Final Settlement
in Bankruptcy & living with it
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However, that has always been in the scenario where someone has lost their only property and is now in rented accommodation with no way of repaying the whole sum in a reasonable period, but access to a small lump sum. The choices are then f&f or bankruptcy, which tends to focus the mind of the lender.
Unfortunately your main property, with its equity, gives the lender more options.