secured loan/mortgage queary

[john56]

Hi just a quick question we are trying to sell our house but are having problems and are behind with payments, we are considering repossesion as we are moving abroad and just want rid off house, but the secured loan will not be paid off, what happens if house is repossesed, there will be enough to clear mortgage what will happen with regard the secured loan will they come after us, will they no if we are abroad, or could we declare bankrupcy, we already have a protected trust deed could we just force that into a full bankrupcy to include the secured loan, we have no intention of moving back here permanently so no intrest in credit raring or otherwise just want out.

[sequenci]

Originally Posted by john56

what will happen with regard the secured loan will they come after us,

you would be liable for any shortfall.

will they no if we are abroad

possibly not

or could we declare bankrupcy

that would be an option, yes

we already have a protected trust deed could we just force that into a full bankrupcy to include the secured loan

That could be an option too

Have a read: http://www.aib.gov.uk/