Husband going Bankrupt, buying equity?

tigerfeet2006

Jedi, Markandkate is wrong. The mortgage will not change and the BR person can carry on paying the mortgage, there is no need to change the mortgage to the other person. Mortgages are not the same as other debts.

OP once your papers have been stamped by the court then I am afraid that is it. The only way you can get out of it is a fast track IVA or pay off all your debts and the OR's fees.

You will need to be able to come up with your OH's half of the equity. Will you be able to get a personal loan or a secured loan to cover it.

JCS1

markandkate wrote: »

The existing mortgage cannot stay in place because the husband is bankrupt and cannot owe more than £250 so you will have to re-mortgage.

The mortgate can stay in place as BR does not cover secured debts. Also the amount that you can obtain on credit is £500 (not £250) before having to declare your BR to the lender.

sillysausage1977

Hi Tigerfeet2006, I dont know as yet if I will be able to get a loan to cover it, I think I will be as none of the debt is mine and I dont owe anyone anything. Couldnt the equity be added onto the exsiting mortgage?

sillysausage1977

Just another thing Who values the house, do I have to get some quotes from estate agents now myself or does this happen when we start the BR process?
Thanks for all your help!!

JCS1

As the assets in the BR are over £10k, it is likely that an IP will be appointed to deal with the BR, rather than the OR. They can be a bit stricter, as it's their fees that get paid first.

its-hapnin

hi sillysausage.

yes please keep in touch and feel free to Private Message me. we had to send 2 estate agent valuations to the trustee. these are only suggested marketing prices so the actual offer price would be lower therefore the equity is negotiable. i am just awaiting a letter back to see whether they have accepted my offer :eek:

the only problem i think you may find is when applying for a loan they want to know your FULL monthly mortgage and Council tax payments. they dont look at it like you pay half, you are responbible jointly and also individually for the whole of these payments if you see wot i mean. so they may decide you cant afford the loan repayments .

i have done a lot of reading on this site but be careful of wrong advice and do lots of research

x

selbygeoff

Hi Sillysausage

I was discharged from bankruptcy in august of this year. (BR'd by the dreaded tax man).

Our house is only worth what is owed on it and with prices falling we decided to take the option of sitting it out but now they have asked my partner if she would like to buy the benificial intrest again. They have told her to get a estate agent valuation. I think they know there is no equity in the house but just want to draw a line under the whole matter. I'm sure that if they thought there was any value in the house they would have asked for a formal valuation and proceeded accordingly.

If you are in a similar situation you should sit tight (your house will be worth no where near what you think) just remember there are legal fees estate agent fees etc. Not to mention that if you really wanted to sell you would have to accept 10-20% below the asking price.

My advise would be to let them put a charge on the property and then do no maintainance or improvments whatsoever, then when they come again then get it valued. Then pay the £211 costs plus a £1 for the transfer.

Only my suggestion, but why give them £18,000 when you could significantly reduce this amount.

in_need_ofhelp

Hi some help please??

My mum went bankrupt last year due to be discharged in November fingers crossed! Her trustee has given my dad a figure of £64,000 to buy her half of their property. We cant raise this amount so can we negogiate a lower amount to be paid??

Angiepange

in_need_ofhelp wrote: »

Hi some help please??

My mum went bankrupt last year due to be discharged in November fingers crossed! Her trustee has given my dad a figure of £64,000 to buy her half of their property. We cant raise this amount so can we negogiate a lower amount to be paid??

Hi there

Im sorry I can't help with your question but would say you might be better starting a new thread of your own asking this question. Hopefullly you will get more replies that way . It is a little quiet today so you may get help later on.

Just click on the new thread button, top left hand side.

And good luck too.