Paulo1888

I am sorry to hear about your situation.

You do have the option to hand back the keys to the mortgage provider. If the property has not been excluded in the trust deed process then if the house is repossessed and a shortfall incurred, then the balance outstanding to the mortgage provider will rank as a creditor in the trust deed estate. The mortgage company would not be able to chase you for the shortfall.

As part of the trust deed, you would be unable to apply for the sequestration of your estate.

I would recommend speaking with your trustee’s office to complete a full income and expenditure review to see if there is opportunity to reduce your contribution.

Thanks for the quick reply,

If i could get rid of the extra mortgage it would help and if i have that option then i will give my mortgage provider a call.

For hypothetical reasons what would happen if i couldnt make my trust deed payments? I really do want to pay the missed payments on this but i know if you miss more than two there can be problems,what would the most likely outcome be?
Thanks again.

The first port of call would usually be a review of your circumstances to see whether the payments are still affordable, or whether they should be reduced. If this is not possible then there are a few routes that your trustee could consider, including:

- terminate your Trust Deed without discharging you from your debts (at which point you could apply for sequestration if you wish)
- apply to court for you to be sequestrated instead
- seek to force payment of your Trust Deed directly from your employer

As Sharon has suggested, your will no doubt be best served by discussing your situation with your trustee to agree a way forward between you.

Thanks for the info i will get in touch with my trust deed advisor and see what they say.

Thank you for your help with this.