Hello, I am new here and wondering if anyone can help with the following;
My home is in negative equity, current market value 100K
I have a mortgage of 270k
my repayment is at present €1100pm
my weekly income is €500 net
I am finding it difficult as is to service the mortgage and due to other debts also am considering bankruptcy
I believe that the bankruptcy living expenses are about €250 per week for personal expenses plus another €250 or so for accommodation
What is the likelihood of my mortgage provider continuing to collect €250 accommodation allowance from me once I go bankrupt or would it be more likely for them to seek repossession of the property
i am concerned that they might be likely to still seek this payment per week and that at the end of the bankruptcy term i will still be left with a house in huge negative equity
Any advice welcome
My home is in negative equity, current market value 100K
I have a mortgage of 270k
my repayment is at present €1100pm
my weekly income is €500 net
I am finding it difficult as is to service the mortgage and due to other debts also am considering bankruptcy
I believe that the bankruptcy living expenses are about €250 per week for personal expenses plus another €250 or so for accommodation
What is the likelihood of my mortgage provider continuing to collect €250 accommodation allowance from me once I go bankrupt or would it be more likely for them to seek repossession of the property
i am concerned that they might be likely to still seek this payment per week and that at the end of the bankruptcy term i will still be left with a house in huge negative equity
Any advice welcome