Credit Crunch and Housing Market... where to turn?

the_bread_baron

you have got yourself into a stressful out of control situation.
i can only see 2 forks in the road.

1. nice and proper
2. scallwagga

1, nice and proper.
you bust your nuts flat out trying to maintain this mortgage as you sell for a loss. then you pay off the difference like a debt. in time you may be deemed worthy of another mortgage at another time, but up until that point - its work work work with no guarantee you wont keel over anyway and end up bankrupted.

2. scallywagga
go 'off radar' for 7 years. rent. never join the electoral register or have any bills in your name where possible. have pay as you go phone. own a cheap disposable car. if you can smirk it, you can work it. all the money you make will be yours to spend, not to serve some poncy debt monkeys.

relax. lifes for livin' not paying their !!!!!! bills.
option 2 is the best one.

neas

Why do people rely/blame family if they wont help people out financially... more often than not this just leads to a family member borrowing from every family member... and basically breaking contact with em.

A woman i know was conned into lending 10k to a bankrupt... who wanted it to purchase a pub...the relatives only contact her to ASK to borrow MORE money.... which they will never repay. Its really bad.... way to treat family.

Keep money and family seperate imo... it just leads to tears.

silvercar

the_bread_baron wrote: »

you have got yourself into a stressful out of control situation.
i can only see 2 forks in the road.

1. nice and proper
2. scallwagga

1, nice and proper.
you bust your nuts flat out trying to maintain this mortgage as you sell for a loss. then you pay off the difference like a debt. in time you may be deemed worthy of another mortgage at another time, but up until that point - its work work work with no guarantee you wont keel over anyway and end up bankrupted.

2. scallywagga
go 'off radar' for 7 years. rent. never join the electoral register or have any bills in your name where possible. have pay as you go phone. own a cheap disposable car. if you can smirk it, you can work it. all the money you make will be yours to spend, not to serve some poncy debt monkeys.

relax. lifes for livin' not paying their !!!!!! bills.
option 2 is the best one.

Wrong, as an undischarged bankrupt the negative equity is written off. No need to go "off radar", no need to pay off the debt, no need to worry about being chased in 10 or even 20 years time (as others have said). All efforts to chase for the debt should be referred to the OR.

As a former bankrupt and having had a home repossessed you will find it difficult to get a mortgage in the future, but that is something you will have to live with.

Every silver lining has a cloud!

Persuading your ex to go bankrupt will help them; or they will be chased for all the debt at some point and forced into bankruptcy a few years down the line. Better to do it sooner rather than later and then make an effort to keep the new slate clean.

We can all make jokes about the ease of bankruptcy; read the stories of the people on the bankruptcy board and you will appreciate the difficult decisions involved. Also rebuilding your life after bankruptcy is not a piece of cake, particularly in today's credit society.

sharon47

Iv been advised to go Brankcrupt but not my part, told cus house is non equity they won't take it as long as the m'gage is paid is this true? I can't work due to ill health non cureable.

matt9713

Silvercar is correct.

If you were to hand the keys back, any shortfall can be added to your bankruptcy petition which would mean you would not be responsible for the difference.

The only issue would be that as you are joint and several liable for the house, your partner would still remain responsible for shortfall.