dani
Apprentice
Joined: 16 Jan 2005
Posts: 8
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 Posted: 12/12/07 - 11:53 Post subject: |
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| I have had a mortgage for several years now. I also had a business with which I, unfortunately, went into bankruptcy. As I have failed to make some payments, now I have a mortgage charge. I would like to know whether my bankruptcy somehow eliminates such a charge. Thanks in advance for your information. |
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lucais
Apprentice
Joined: 24 Nov 2006
Posts: 4
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| Posted: 01/10/08 - 22:50 Post subject: |
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| Mortgage charge is the charge your creditor has for the property, or any of the possessions you had posited as a collateral, and as a guarantee to your mortgage. Since you have failed to make a number of payments, there are several steps your creditor will take. After that first charge, more could follow, with last stadium of it in the form of foreclosure. That means the creditor will enforce the agreement struck upon your taking the mortgage by taking your property. Bankruptcy does not prevent that by any mean. So, if you have only one charge so far, you'd better find a way to settle it as soon as possible. Best of luck. |
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