I am just curious
2006-06-13 01:09:58 · 14 answers · asked by Emmie 3 in Business & Finance ➔ Other - Business & Finance
I am talking about a house that you own with a mortgage
2006-06-13 01:11:05 · update #1
It's gonna be the bank's property and they may sell it so they can get the money.
2006-06-13 01:11:52 · answer #1 · answered by Raiz 2 · 1⤊ 0⤋
If you owned the house i.e. no mortgage - nothing - you are left with the bare essentials i.e. food, clothes & shelter. If you owe a mortgage - depends on how nice the bank is - but usually they will take it off you - but "might" rent it to you with help from the government
2006-06-13 23:07:45 · answer #2 · answered by want_to_explore_life 3 · 0⤊ 0⤋
It would be auctioned and the buyer will have to pay the mortgage amount to the bank, and the rest will be used to pay off other debts!
2006-06-13 01:13:41 · answer #3 · answered by nice_libra_guy 6 · 0⤊ 0⤋
I'm afraid it would go to the bank / building society / whoever that provides your mortgage - to pay off that mortgage.
2006-06-13 01:14:34 · answer #4 · answered by peggy*moo 5 · 0⤊ 0⤋
When you are declared backrupt every last thing that you own is sold on public auctions and than used to repay as much of your debts as possible. You'll have nothing to your name except for personal items such as pictures.
2006-06-13 01:13:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well this is pretty simple -- you would lose it to the bank. But in the past if you were free and clear, you were allowed to sell your house to another person, but you still have a mortage, so I think you are screwed... Sorry!
2006-06-13 01:16:09 · answer #6 · answered by tsbray 2 · 0⤊ 0⤋
It depends on what type of bankruptcy you are declairing. But I know this much for sure. You can choose what things you put on the paperwork. Anothrwords you dont have to put your house down to be dissolved in the bankruptcy. Scott
2006-06-13 01:19:39 · answer #7 · answered by Scott R 2 · 0⤊ 0⤋
I think the bank repossesses it, but I could be wrong
2006-06-13 01:11:58 · answer #8 · answered by sparkleythings_4you 7 · 0⤊ 0⤋
The bank now owns it outright and you're S.O.L.
2006-06-13 01:12:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋
your bank would take ownership of the house.
2006-06-13 01:14:43 · answer #10 · answered by Splishy 7 · 0⤊ 0⤋