Please can someone help me?

Worriedandpreg

Hi

I am desperatly seeking some words of comfort. My husband and i are due to go bankrupt next thursday. I am so worried and scared, i cant sleep and i keep crying. I'm pregnant and so worried we will have no where to live, i feel i have let my baby down.

My main fear is loosing our home. We bought it nearly 3 years ago for 185,500 and we have a mortgage of 179,000. We are praying we are in negative equity. If we are is it a sure thing we will get to keep our house, or could the mortgage company foreclose our mortgage? We have not missed any mortgage repayments, but will they be informed of our bankrupcy? Our house is 3 beds and it will cost us more to rent a 1 bedroom flat in our area then what we pay on our mortgage, which is another fear.

I hope someone with some more experience can offer some words of comfort or at least some facts, so we can prepare ourselves.

Thanks for reading.

XXX

tigerfeet2006

Right first things first take a deep breath and stop panicking. Sit down with a cuppa and relax, you have a little person growing inside you and it is more important to take care of the baby and you than anything else.

Now get proactive and ask a couple of estate agents round to give you a valueation on a quick sale as your OH is moving with his job . This will give you an idea what your house is worth and how much equity is in it.

Don't panic about the mortgage company, As long as you are and continue to pay the mortgage they will not ask you to leave, why would they? thhey are getting their money.

Who have you taken advice from out of interest?

Worriedandpreg

Thanks, we have taken advice from cccs. We have had estate agents in and in vaires from negative equity upto 195? I have also been online to see what is my house worth, as my dad reckons this is all they will do, and our debt is relatively low to send someone round to evaluate our house, no idea if thats true. But online valuations are varying from 166 to 177 which does put us in negative equity. But untill they know for sure u dont know. Also a house down our road sold last July for 185 and it is the same but they have the added bonus of a down stairs bathroom.

If we get to keep our house, is that it or could we loose it at any time? I'm just praying so hard a miracle will happen and in a few weeks i will know the damage and hopefully be able to start decorating our babies nursery.

Thanks.

tigerfeet2006

Worriedandpreg wrote: »

Thanks, we have taken advice from cccs. We have had estate agents in and in vaires from negative equity upto 195? I have also been online to see what is my house worth, as my dad reckons this is all they will do, and our debt is relatively low to send someone round to evaluate our house, no idea if thats true. But online valuations are varying from 166 to 177 which does put us in negative equity. But untill they know for sure u dont know. Also a house down our road sold last July for 185 and it is the same but they have the added bonus of a down stairs bathroom. Then reading that it IS in negative equity. Denpending on the OR's office they will ask you to send in a couple of valuations or they will just do a 'drive by' and assess it from the out side. As it is in negetive equity you will be able to buy the beneficial interest (BI) in the property for £1 each plus £211 fee's.

If we get to keep our house, is that it or could we loose it at any time? I'm just praying so hard a miracle will happen and in a few weeks i will know the damage and hopefully be able to start decorating our babies nursery. No you won't loose it if you buy the BI. Obviously if you can't afford the mortgage at a later date then it gets repo'd then it is a different matter, though any shortfall will still fall into the BR even if years later,

Thanks.

Glad you have taken advice from CCCS

Some info. from the Bankruptcy sticky which I suggest you read through at least the first post.

Your home/property.

• What will happen to my home? (IS) (pdf)
• FAQ - Bankrupt's Home under the Enterprise Act (IS)
• OR's Case Help Manual - Family Home
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

Worriedandpreg

Thanks again. Who are we buying the BI off? As it's a joint mortgage and were both going bankrupt?

Do if they drive by the house, they definatly wont want to come in?

Thanks again.

Worriedandpreg

Oh also i heard u can secure the negative equity? For £300 so they cant come for anymore after a year, is that right?

tigerfeet2006

Worriedandpreg wrote: »

Thanks again. Who are we buying the BI off? As it's a joint mortgage and were both going bankrupt? You are buying the OR's interest in the property. Essentially if you don't buy it, the OR will have 3 years to come after any equity in the house.

Do if they drive by the house, they definatly wont want to come in? Nope!!

Thanks again.

Worriedandpreg wrote: »

Oh also i heard u can secure the negative equity? For £300 so they cant come for anymore after a year, is that right?

Read my post no. 4

peppa-pig

i was 8 months pregnant when we went BR in may, so i know how you feel.

but look at it this way.... you are dealing with your financial problems in order to provide a happy, debt free home for your new baby.that is something a lot of parents would love to be able to do. dont feel like you have let them down because you haven't.

good luck.