Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Is going bankrupt the best option when I can't pay my mortgage or secured loan? After separation from her husband my friend has got into financial difficulty with mortgage payment as well as the secured loan on the property. She currently has an IVA with for the unsecured loans which cannot take into account the secured loans. All the loans are in joint names. If the mortgage cannot be paid or the secured loan would going bankrupt be a viable option as the house has been on the market for just over a year & has not sold. By biaritzlounger Posted on 11/12/08 Total Answers 6 Answers- she needs the husband to step up and help out as he also created this elephant of bills as well Answer by : golferwhoworks On Date 2008-11-12 14:37:05 you will still lose the house Answer by : PinHead On Date 2008-11-12 14:37:12 She should go to the citizens advice bureau asap, I hear that if you write to the mortgage company and explain your sitiuation including details of your current household income (especially if its halved since a partner left) and expenditure and offer to make a nominal payment (not a stupidly low amount but reasonable to you given what you can afford) then you shouldn't lose your house (eg no Judge presiding over a repossesion hearing could find in the banks favour if you have offered them money). In any case there are plenty of folks out there in the same boat and they can't take everyones house back off them so fingers crossed ofr your friend, but tell her to get on to it tomorrow (delays make them more likely to take action) :))) Answer by : gillian B On Date 2008-11-12 14:38:45 IVA is a good idea. she probably needs to see some finantial adviser and soon! like the citizen's advice bureaux, she may need a solicitor or whatever, and they may be able to help. She should phone the mortgage company and ask if she can get a tax break or a remortgage taking into account her secured loans. Does she have anything else of value a car or anything? If she has paid off alot on the property I think she should sell ASAP and get the money from it, and go into rented or buy somewhere cheaper. Although it's not a great time to sell, it also means that the smaller places have got cheaper too. but saying that I wouldn't want her to get into negative equity Answer by : purplegirl On Date 2008-11-12 14:42:43 Gillian B has hit the nail on the head! TELL the bank what the problems are. If they don't know, then they will assume that you just don't care about your debt. Citizens Advice Bureau are the best for anything like this. Also, if the debts are in joint names, then she is only partly responsible, get him to face up too. Answer by : Spacebug On Date 2008-11-12 14:56:37 Its a shame there is an IVA for the unsecured loans as it is a legal contract. Unsecured personal loans and credit cards taken out before 1 April 2007 could possibly be cancelled. Your friends solicitor could ask the court to get the IVA put on hold whilst these agreements are checked. Visit the website for help with this. If she is not paying the unsecured loans she would have money for the secured loans. It is obviously more important to pay these. Answer by : deja1436 On Date 2008-11-13 08:48:46   Go Back To Search Results