Can anybody advise what is the likely outcome of defaulting on a buy to let

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mavis10026

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portfolio of about 80 properties? I have about 80 properties in a buy to let portfolio which were taken out on low rates but due to the credit crunch I cannot raise enough to refinance due to higher interest and rental calculations. If I tell the lender they will have to reposess and with the downturn in the market they will probably only sell at auction. They could sell for maybe a million less than what is owed. Question- Are the lenders likely to go for a bankruptcy order when there is no chance of me ever being able to pay the debt of
 
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