default on mortgages

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pimkgin

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I have two buy to let properties both in negative equity. The first purchased in 2002 the second 1n 2006.The 2002 property was collateral for the 2006 property. I am paying interest only on all ,since the purchase. If I give back the keys can the bank come after the family home, and can they come after our pensions and savings

Regards
 
Not to single you out and going a little off topic but this backs up what I've been saying about some people in negative equity with savings. If a blanket debt forgiveness solution was implemented it would totally undermine those who are not in negative equity because it would allow people to retain their savings as well of availing of a bailout.

It may not be applicable in your case anyway as your problem is with investment proprties which surely would not be covered by debt forgiveness, ie it's the banks problem.

In terms of your question I'd assume the banks would seek to get access to all your assets through the courts to try and bridge the shortfall.
 
Neither my wife or myself have pensions and whatever savings we have is almost gone because we have been paying off debts and mortgages. Our financial situation is diabolical. Never in a million years do we expect that the banks will leave us with whatever savings we have left.

I have no problem with debt forgiveness if there are abosolutely no savings or pensions involved.
 
morgage default

Thanks for the replies, I was of the opinion (wrongly obviously)The fact that my family home was not collateral they should have no claim on it.They were happy to take the 2002 property as collateral.
 
The family home would not be touched if there was colleteral in the investment properties but because they are in negative equity the situation is a little different.
 
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