If you are unable to fund your mortgage and secured loan payments, once you have missed three monthly instalments the secured lenders have the right to apply for possession proceedings. If successful, they can enforce this against you and see you evicted from the property.
Until the date of an eviction order, you are allowed to stay in the property, and can then look for hopefully cheaper rented accomodation. If you are facing bankruptcy, you may well wish to get into rented accomodation whilst your credit rating is still relatively good, as most private landlords will effect a credit check which may prevent you from being accepted as a tenant. You may also need to put down a few months future rent as a deposit.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk