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If I am declared bankrupt will I still owe the negative equity on my mortgages? |
Submitted on: 19th Feb 2009 by Non-Member | Total Answers: 1
I have 2 mortgages with my ex partner. We bought 2 properties each for £200k 18 months ago. He left me 12 months ago and whilst one mortgage has been stabilised the other is 3 months in arrears. Both properties are now valued at £165k. I was made redundant in Nov '08 and have now moved in with my son as I had to leave Leicester. My ex is now looking to get a tennent in the 2nd property but he also left me with £16k worth of credit card debts. I am increasingly been told that I may be forced in to being made bankrupt. How will this effect him? (credit cards are all in my name as his credit rating was very poor), will I still be liable to pay the negative equity? I am at present living on my sons sofa, I have absolutely no money and am applying for every job possible on a daily basis. I have no idea what to do now.
Re: If I am declared bankrupt will I still owe the negative ...
Sorry to hear things are not going to well for you at the moment. I am sorry to say that if you become bankrupt you're still liable for the mortgage and any negative equity.
Write to your creditors, explain your situation and to ask them to suspend interest and charges for 2 months whilst you seek employment and attempt to get yourself back on your feet. Also ask them hold off taking any further action against you during this time.
Get professional debt advice. We're happy to recommend a good organisation to contact.
Carry on looking for work. Employment increases the options you have available to you.
Good luck.
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