investment properties

fiveyearplan

Where is my crystal ball?

fiveyearplan

Now, where did I put my crystal ball?

shadowdragon

fiveyearplan wrote: »

Now, where did I put my crystal ball?

Mine are Hairy not Crystal.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Rylynn

FYP did you not know the OR has it!

Igore the trolls midlandlady, the majority of people are on here for help and to give support to other people. No one is perfect, although some of these trolls seem to think they are. Wonder why they are on here in the first place!

Good luck, and to lose everything after working for it for 40 years is very hard for anyone, chin up and take care.

Rylynn

shadowdragon wrote: »

Mine are Hairy not Crystal.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

I really do not know what to say, mine are golden! ha ha you know like becks!:rotfl:

midlandlady

cannonfodder......thank you for your critism......I am sure I should have done all you say, as for using profits instead of setting up safeguards....what profits? Any money I had was ploughed back into my investment properties to make them pleasant places for my tenants to live. I intended to remortgage when my fixed rates came to an end....oooppps along came the credit crunch, mortgage lenders withdrew the majority of buy to let mortgages and then I had my accident.....
oh for that crystal ball.....:o

sdooley

I feel embarrassed, shouldn't have been mean, am just seeing friends losing their jobs because of overborrowing in the economy and worried about my own landlord, who is a bit 'fly-by-night'. Unfair to extend that to someone else.

peachyprice wrote: »

Not true, the debts exist pre-bankrutcy, therefore even if repossession takes place after bankruptcy all shortfalls will be included.

It's not at all clear that this is always the position:

http://www.bankruptcyhelp.org.uk/forum/topic.asp?TOPIC_ID=570&whichpage=1

I can see that if the shortfall is a real 'liability' at the time of bankruptcy (i.e. the mortgage is in arears, possession is pending) it could be included in the bankruptcy even though it doesn't exist as an unsecured debt at the time of bankruptcy. But if possession didn't take place until after the bankruptcy was discharged (for instance if you kept making the mortgage payments on one property) that would be the other extreme and it's quite clear that you would still be on the hook for the mortgage. If people who know more than me want to say where the boundary is in the grey area in the middle of these two examples, it would be helpful to the OP and other posters.

Again sorry, that wasn't fair.

peachyprice

Have a read here from the Insolvency website, aas you will se this is not a grey area at all.
http://www.insolvency.gov.uk/faq/faq.htm#16

Seems the advisors on the other site you posted are overcomplicating things, and frightening people unnecesarily.

As you will see this dispoves many of their points, especially the fact they seem to think that if you continue to pay your mortgage you waive your right to include the shortfall in your BR, and that you can only include it if the house is repossesed at the time of the order.

The advise that anyone with a potential shortfall should move out of there house prior to bankruptcy is most disturbing to say the least.


HTH

single+2angel

Rylynn wrote: »

I really do not know what to say, mine are golden! ha ha you know like becks!:rotfl:

Just don't let your OR know!:rotfl:

Pobby

One problem with any business and I have been involved for many decades, is unforseen circumstances. Market changes, tight borrowing illness, divorce, so many reason. Trying to cover ones back is all well and good, been there, done that but all eventuallities? Nah , I don`t think so.

I hate to see any ones business go bust if they have operated in a fair and ethical manner.