question category: Bankruptcy

If I become bankrupt and my house has negative equity will my mortage company let me stay

Submitted on: 20th Jan 2009 by Non-Member | Total Answers: 1

I have been advised that I should go into bankruptcy in order to clear my debts. I have an interest only mortage. The property is now in negative equity. I have kept up with my mortage payments and have no arrears, my question is would the receiver allow me to keep my house, and would my mortage company also allow me to continue paying the mortage even though I was bankrupt?

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Bankrupt and my house has negative equity

We have had similar questions on bankruptcy and negative equity - here are the links:

In short, you should be OK, and if possible should offer your trustee a token amount for their claim on your property. Your mortgage company just want to be paid, which you are doing.

 

Submitted on: 21st Jan 2009 by TA Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation