bankruptcy order - charge on property

regularsaver1

I know someone who is in a difficult situation.
They were made bankrupt 13 years ago and thought everything was sorted.

A charge was added to the house.

Now 13 years later, solicitor says that creditors want £80k - mortgage on property is only £17k and prop value £150k, but friend can not increase this mortgage due to charge. Solicitor sent him to his lender - but would the solicitor not have known they would not be able to help?

any ideas on what to do, with his equity and all

IN_LIKE_EVERYONE_ELSE!

Looks like the trustee is after the beneficial interest, 97k mortgage against a value of 150k is achievable in most circumstances. Are they married? were they married at the time of bankruptcy? Check your private messages.

ILEE

rammy007

i know some one who is exactly in the same position as this and i was going to ask the same question cos they dont know what to do although it was a lot longer ago than the origional poster any help would be appreciated.

Addicted2Chocolate

he needs to seek legal advice from an insolvency specialist solicitor. one way of dealing is an annulment on basis of payment in full, where all creditors and costs are paid in full by proceeds from remortgage, the solicitor should give the court an undertaking that he will pay all the creditors with the proceeds form remortgage. It is called a back to back arrangement.

regularsaver1

the lender will not lend - altohugh they can afford it ect - its to do with the subsequent charge on the property

policy to not proceed
what can they do?

they have a solicitor who sent them to their lender, now the lender has said no due to policy, the solicitor has said they will write to ask them to overturn this

IN_LIKE_EVERYONE_ELSE!

Is the property owned by an individual or a Mr and Mrs?

Addicted2Chocolate

from the rubbish advice already given i woudl say the solicitor is NOt a specialist insolvency solicitor. the existing lender may not lend but another may if they reliase the bankruptcy will be annulled.

regularsaver1

joint mortgage

and now i heard one of them have called the lender back - she should not be doing this should she

solicitor should be
its seems it was the solicitor that contacted them to say creditors are wanting this money