Home advice please!

bubblyboo

Hello!

I would really appreciate it if you could give me some advice!

My husband went bankrupt in April 2009. We assume he was automatically discharged in April 2010 (his name doesn't appear on the IS Register).

I called the RTLU today to find out what is likely to happen to our home. They told me that I have the option to buy the OR's interest in our home & to send them mortgage stmts etc so that they can work out the figure.

Our house is jointly owned. It is a 50% shared ownership. We have £50k outstanding on the mortgage and we have a secured loan of about £12k. We believe the house to be worth c£155k, of which we would get 50% of, so £77,500. (which we would obviously need to get confirmed properly). After you take off the loan, mortgage & take off my share of the equity, the OR's share would be about £7.75k.

I would prefer to buy the OR's interest than be forced to sell the house as we have 2 children, our youngest is 6 months old, and it would be less upheaval for them. But I'm currently on maternity leave & am a director of a company that is only in its 2nd year of trading. I am therefore very unlikely to qualify for a loan & am unsure how I will afford to pay this nearly £8k!

I need some advice -
1) What ways can I pay the £8k?
2) If I can't afford to pay the £8k, will we be forced to sell? In which case where will we live?! We will only be left with my half of the equity - c£8k which isn't enough to get another house with!

Thank you for any kind advice that you can offer me - I'm sorry for the lengthy post (I'm a bit of a chatterbox!)

Thanks
BubblyBoo

Falze

Bump - Sorry i'm not to sure, but i'll keep you on top for someone to help you.

debtinfo

1. Your going to need to pay it in one go or within a short period of time say 6 months (ie they wont let you pay it over many years), so a loan, family member, that sort of thing is needed

2. nothing will likely happen untill around the end of 2011, they will then relook at the property and see what equity is there then

debtinfo

btw £8k is usually enough for the deposit on a rental though

now

bubblyboo wrote: »

Hello!

I would really appreciate it if you could give me some advice!

My husband went bankrupt in April 2009. We assume he was automatically discharged in April 2010 (his name doesn't appear on the IS Register).

I called the RTLU today to find out what is likely to happen to our home. They told me that I have the option to buy the OR's interest in our home & to send them mortgage stmts etc so that they can work out the figure.

Our house is jointly owned. It is a 50% shared ownership. We have £50k outstanding on the mortgage and we have a secured loan of about £12k. We believe the house to be worth c£155k, of which we would get 50% of, so £77,500. (which we would obviously need to get confirmed properly). After you take off the loan, mortgage & take off my share of the equity, the OR's share would be about £7.75k.

I would prefer to buy the OR's interest than be forced to sell the house as we have 2 children, our youngest is 6 months old, and it would be less upheaval for them. But I'm currently on maternity leave & am a director of a company that is only in its 2nd year of trading. I am therefore very unlikely to qualify for a loan & am unsure how I will afford to pay this nearly £8k!

I need some advice -
1) What ways can I pay the £8k?
2) If I can't afford to pay the £8k, will we be forced to sell? In which case where will we live?! We will only be left with my half of the equity - c£8k which isn't enough to get another house with!

Thank you for any kind advice that you can offer me - I'm sorry for the lengthy post (I'm a bit of a chatterbox!)

Thanks
BubblyBoo

Is the mortgage in joint names? If it is only in yours you might be able to add it on