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?

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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

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