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The Help With Debt helpline are taking an increasing number of calls from people who are looking to go bankrupt as a result of having to hand back in their properties because they can no longer afford to keep up the mortgage payments. Alternatively the property may well have been repossessed as a result of not keeping up the mortgage payments.
It has also become a trend that we are getting a number of calls from people who are emerging from relationships in which they have run up debts on behalf of partners. The greatest problem we are finding in these situations are where a house has been bought together and one of the parties has moved out. This will leave the other party to carry on the mortgage or lose the property. For many the burden of carrying the mortgage will be too great and so the property does get repossessed or the keys handed back in.
When the property is taken back one way or the other by the mortgage company, it will be sold. There is a duty of care on the mortgage company to get the best price that they can for it. However we have a falling property market with too few buyers. Those who are in a position to buy, often know that they can pick up bargains where there are repossessions on offer and so will make bids way below the asking price. If these are the only bids able to complete, the offers will be accepted leading to massive shortfalls, on the amounts needed to clear the mortgage. Any owner of the property responsible for the mortgage will then be liable for that shortfall. We are seeing shortfalls of up to £85,000.
If you have had the misfortune to have your property repossessed or have handed the keys back to the lender and if you have suffered as shortfall on the sale that you cannot repay, you need to speak to us as it may be that you need proper insolvency advice which can deal with that shortfall.
Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company. If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406 Visit http://www.helpwithdebtuk.com Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-shortfall-and-bankruptcy-1464422.html
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com
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