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help about to lose my house
Kayleigh123_2
Posts: 11 Forumite
Please, please help.
I would like some advice of my current situation. My husband was made bankrupt last year. He owes the bank £74,000 (an overdraft which has £13 a day interest) a company £4400 and trustee £27000.
I received a letter from the trustees solicitors start of the month which notes without prejudice an offer to settle his bankruptcy for £20000 if paid within in 60days, we can not afford this unless we sold our endowment policy from our mortgage (which i am not sure the bank would be happy to do), our endowment is currently worth out £21000. If i did this i would be able to sell my own home rather then the trustee selling it.
My house is valued at £350,000. The court are only able to take my husbands share of the house (i would be left with out £100000).
When i was sold the mortgage i was not given legal advice on the all monies mortgage so there is still questions over the legality of the mortgage – I would rather settle out of court then go through the lengthily and costly process of a court case and not know that we would 100% win.
Is it wiser take this case to court or negotiate with the bank to settle out of court and be able to sell the house myself.
Any help/advice would be greatly appreciated!!!!
I would like some advice of my current situation. My husband was made bankrupt last year. He owes the bank £74,000 (an overdraft which has £13 a day interest) a company £4400 and trustee £27000.
I received a letter from the trustees solicitors start of the month which notes without prejudice an offer to settle his bankruptcy for £20000 if paid within in 60days, we can not afford this unless we sold our endowment policy from our mortgage (which i am not sure the bank would be happy to do), our endowment is currently worth out £21000. If i did this i would be able to sell my own home rather then the trustee selling it.
My house is valued at £350,000. The court are only able to take my husbands share of the house (i would be left with out £100000).
When i was sold the mortgage i was not given legal advice on the all monies mortgage so there is still questions over the legality of the mortgage – I would rather settle out of court then go through the lengthily and costly process of a court case and not know that we would 100% win.
Is it wiser take this case to court or negotiate with the bank to settle out of court and be able to sell the house myself.
Any help/advice would be greatly appreciated!!!!
0
Comments
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Have you posted on the Bankruptcy board, they might be able to offer more help?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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