Are house price's going to drop further?

maliah

Hi Mark,

thank you for posting, and giving me an insight in what happened in your br, our debts only mount to 15k ....is it worth br... i don't know. May start my dmp up again with a view to staying here another year and seeing what happens.

My husband is really against br and loosing the house, i can understand his dad gave us the deposit for our home and we have had it for 5 years now, and dh is only 27, so think he feels he's letting his dad down if we let the house go.

have a lovely christmas x

DON79

yes split the difference maliah like peachy said. it least it has given you a bit of idea about value.

you can go BR for any amount, it is not the amount of debt that matters, it is whether you are insolvent or not. that is what the judge decides when he makes you BR - that you are insolvent.

My OH is not against BR but he doesn't really understand it and doesn't understand what a big deal it is for me. It is a big deal for anyone to go through.

Are your debts joint? Or is it just yourself considering BR?

creditmonkey_2

Hi, I think you need a genuine surveyers report and not an estate agents valuation on your property before you decide anything.

DON79

Hi creditmonkey? Does it cost a lot to get the surveyor's report done?

chelseabun_3

Hi Maliah,

It's a really stressful time, coming to the decision as to whether to go BR or not. I really feel for both of you - it does get better, honestly! I just want to repeat what Peachy said earlier - if you decide to go BR you don't automatically lose the house, especially if it's in negative equity.

Why not put up an SOA on here for us to have a look (ignore me if you've already done that - I've not been on here so much recently:o!) It may be that only one of you needs to go BR, and it's likely that you'd be able to keep the house anyway. As to the mortgage renewal in '09 - who knows how things will be by then! As peachy says, the standard rate might be really low by then!

creditmonkey_2

Hi, yes it can cost a lot (the last time i had them done) about £500, if this is not an option you can rely on the estate agents as long as you state "must sell for an honest/realistic price ". But as i dont know your props location size ect i cant comment, unless you elaborate further.:money:

chelseabun_3

Hi creditmonkey,

As far as I'm aware the OR accepts a written quote from an estate agent. I'm fairly sure you don't have to have a survey done. We've just told the OR verbally what the estate agent said, and are waiting to see whether he wants anything in writing or not (our house is in neg equity approx £15k). Personally I don't think spending money on a survey is a priority at this point.

creditmonkey_2

Hi, Sorry for being blunt but how much have you been told the props worth ???

chelseabun_3

Are you talking to me or Maliah?

creditmonkey_2

Hi have just read your post and yes they will accept an estate agent report from what i have seen, again dont know your whole situation so i cant really comment ,Hope i havent caused any offence, if so please accept my sincere appologies.