Bankruptcy & House

jess0612

Well finally went bankrupt and have the OR interview on the 30th November, I have a joint mortgage with my husband, when i was going bankrupt we thought with the current housing market etc our house would be worth considerably less. I have just had it valued today and was surprised that it's worth approx £180K i have a mortgage for £132k we have a daughter who still lives at home and is in eductation sitting her A levels. What are the options I assume if my partner was to buy out the ineterest they would want half and we just cant afford to do that, We can afford to continue with the mortgage??? Please help i would be grateful for all advice.

skylight

Jess - hi. Obviously I am going to smack your wrist here because you should have checked this out before BR!

Do you have secured debts on the property? Did only you go BR or your partner as well?? Is your partner your husband too???? (Only because you use both in your post)

Daisy4567

Have a look at your postcode on Rightmove - this gives a more accurate figure which may not be as high.

You can also get an Agent round to value it and tell them you want a "sell it today" price - i.e. realistically in today's market what woul you need to accept to shift it fast? Then you'll get a lower valuation

jess0612

I have no secured debts against the property although one of my creditors is the same as my mortgage is with. All debts are in my name althought my husband uses the phase our debts. (good i suppose). Another thing we was talking about was when the property was brought it was soley in my husbands name (pertner at the time not married) we had it put into joint names about 3 months later and have all paperwork to prove this. we had lived together previously and all property was in his name only. He put £63000.00 deposit into this property so obvioulsly now isnt very happy that he will only get half of any profit if we are forced to sell. Any help would be appreciated i fell like crap at the moment

jess0612

Sorry only me gone Bankrupt

its-hapnin

jess0612 wrote: »

I have no secured debts against the property although one of my creditors is the same as my mortgage is with. All debts are in my name althought my husband uses the phase our debts. (good i suppose). Another thing we was talking about was when the property was brought it was soley in my husbands name (pertner at the time not married) we had it put into joint names about 3 months later and have all paperwork to prove this. we had lived together previously and all property was in his name only. He put £63000.00 deposit into this property so obvioulsly now isnt very happy that he will only get half of any profit if we are forced to sell. Any help would be appreciated i fell like crap at the moment

hi jess. i was in a similar situation when my hubby went BR. i had put a large deposit into our joint mortgage and it was just a matter of providing the paper work to show where that money came from. in the end my deposit was safe as it came from my previous property (read my posts if you can). so for us it worked out like this: house price, less mortgage owed, less my deposit left 'equity'. then this was divided 50/50

but.... i think they will also consider how long you have lived together and how much you have contributed to the house . there is a lot to be considered. hope that helps a bit x