Protecting assets due to repossession

bobbybird

A couple of years ago I entered buy to let mortgages with 3 partners planning to pay back the mortgages with the rent.

Now all the properties are in negative equity.

Due to no fault of my own, the mortgage company is threatening repossession due to substantial arrears and I am the only one of the four of us that has assets to lose.

How can I protect my assets?
My main concern is that my own property, which I own outright, will be taken from me in order to pay the mortgage company.

Is there any legal way – loop holes etc.. – that I can protect own property?
Can I transfer my assets into my wife’s name or set up a trust for my grandchild?





Last resort:
Changing address and use PO box numbers for correspondence etc…

treading_carefully

How much is the house worth. Your wife should still be entitled to a half share of house even if not on deeds. As you are the guy with assets to lose would it be worthwhile for you to maintain the BTL's (if possible) until they can be sold to clear the mortgage.

simpywimpy

Im not sure but I think they may look at the date the property was transferred and see it as trying to hide your assets

FraudBuster

Check out:

The Insolvency Service : Voidable preference.

http://www.insolvency.gov.uk/

The members of CIFAS:

http://www.cifas.org.uk/default.asp?edit_id=721-28

And National Hunter:

http://www.nhunter.co.uk/

opinions4u

You set up a business.

The business, as a partnership, does not have limited liability.

As such, all your assets are fair game to your creditors if you fail to meet your commitments.

Due to no fault of my own, the mortgage company is threatening repossession due to substantial arrears

You didn't pay the bills. While you can share fault with your business partners I think you should at least accept your own part of the responsibility.

Is there any legal way – loop holes etc.. – that I can protect own property?

You're probably past the point of no return. Any transfer of assets now would almost certainly be reversed if, for example, you were declared bankrupt.

Take legal advice before doing anything.

leveller2911

bobbybird wrote: »

A couple of years ago I entered buy to let mortgages with 3 partners planning to pay back the mortgages with the rent.

Now all the properties are in negative equity.


PROBABLE TROLL BUT WHAT THE HELL..........

Due to no fault of my own, the mortgage company is threatening repossession due to substantial arrears and I am the only one of the four of us that has assets to lose.


You bought properties with BTL mortgages with friends (probably with little or no deposit put down) purely as a "Get rich quick" plan like so many others did at the time ,suckered into the bullsh1t spilled out by the likes of Fergus and Judith Wilson(Google if you need too) and NOW because all the properties are in NE you want sympathy because the "Grim Reaper" may come calling for his money and you NEED a way to keep your house.

Welcome to the real world my friend, many like myself knew this was coming, didn't chav out on credit cards,Loans,BTL mortgages and the associated greed.We kept our noses clean and debt free, saved our money and THANKS to idiots like you my savings rates have plummeted ,it should be US who should get sympathy and help.......

Cha , cheek of some people....... :rolleyes: Pay your dues and if it means losing your house and starting againg then get going,only yourself to blame along with your "BTL Invester buddies"

Trollfever

PROBABLE TROLL BUT WHAT THE HELL..........

:santa2:

You gambled......................

and you lost.



.

Brummygold

leveller2911 wrote: »

Welcome to the real world my friend, many like myself knew this was coming, didn't chav out on credit cards,Loans,BTL mortgages and the associated greed.We kept our noses clean and debt free, saved our money and THANKS to idiots like you my savings rates have plummeted ,it should be US who should get sympathy and help.......QUOTE]

Agreed, i have no sympathy here to be honest, he gambled on a so called get rich quick scheme and failed, this greed pushed up house prices and was unsustainable as you are now finding out.

bobbybird

treading_carefully wrote: »

How much is the house worth. Your wife should still be entitled to a half share of house even if not on deeds.

that's something i will have to look into. thank you.