Financial position following repossession

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I bought four city centre flats 4/5 years and up to now have been able to meet the mortgage interest payments. I have been able to top up the rental shortfall through my income from a job. However, due to the credit crunch my income has dropped dramatically and I can no longer make up the difference between the rent I receive and the mortgage payment. I seem to have no option but to have the properties repossessed.

I am likely to be in for 30K/50K on each flat. I have used up all my savings to keep going. Am I right in assuming that the lenders can pursue me for up to 12 years to recover the loss? If so, there would appear to be no alternative to Bankruptcy.

Your advice would be much appreciated.

Ian Dudbridge

15/09/2008 00:00

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