FAQs | Bankruptcy and Your House
Mortgage shortfall arises where your property has been sold by the lender and sale proceeds were insufficient to clear all monies owing to the lender. Any mortgage amount left unpaid is called the shortfall. Your bankruptcy will clear the shortfall whether the property was sold by the lender before or after the date of your bankruptcy. You do not need to wait till the lender has sold the property before filing for bankruptcy.
Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email email@example.com.