Halifax repossessing next month - builder already obtains judgement

greenspun.com : LUSENET : Repossession : One Thread

My tenant has finally moved out of my flat owing at least #1500 but I don't know where she has moved to. Because I am on maternity leave was not able to keep up the mortgage repayments in absence of rent. Halifax want to repossess because of 3 months unpaid mortgage. Solicitor advised them of position and they agreed to spread the arrears over 3 years. However, now builder (who has 20% stake in property) has jumped on bandwagon and has obtained a judgement for almost #15K. The original debt to him was #9K (he has added interest on top). Didn't bother to fight this because I have no assets. My Solicitor has advised his Solicitors of this but they are determined to enforce the order by way of bankruptcy. I am due to go back to work in August - and am assuming they will make me bankrupt before then but my question is - is it worth me returning to work? or will he be able to take all of my earnings? As regards the Halifax - the property is in negative equity so there will be a shortfall - again will they be able to touch my wages - I also bank with them so can they automatically take my wages as soon as it hits my account? Thanks. Sherry

-- Sherry McMullan (sherry@mcmullans.freeserve.co.uk), May 08, 2000

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