new bankrupt man, advise needed

mug098

Thanks for all the comments,
Yes i have stoppeded paying the i.v.a and the secured loan.

I have however kept up all other payments i.e mortgage, bills etc and am not in the arrears on any thing.

My main concern is that if i was to continue paying the mortgage and secured loan then i will not be able to remove my ex-wife from the mortgage so there for she will always have her claws in to me, the secured load is for another 25 years .

If it was just the fact that i only had the morgage left in my name as well as hers then i could live with that , but a secured loan of £500 a month in both names is not what i want.

Loan and mortgage each month is nearly £900 so paying that each month for a house that is worth £85000 would be insane.

So the answer is that i could get a much nicer / bigger house for a lot less than that each month. where as if i was only paying the mortgage then it would be well worth me staying here.

Hope that makes sence

Cheers

Ineedaname

As a bankrupt you won't get a new mortgage for some time so that luxury house will have to wait.

So the issue is whether you try to keep the house you have now or let it go. That means either continuing to pay both the mortgage and secured loan or not paying either. I don't see the point in stopping the secured load payments but continuing to pay the mortgage when doing the first may lose you the house anyway, it's just money down the drain.

That's my opinion on it anyway, others will no doubt be along to give you the facts and figures.

Oh, and I have to say I still giggle every time I read your OP and 'bank ruft', I like it written that way.

now

If it was me I would let the house go which would get rid of all your debts, rent a house for you and your boys and be less stressed out. Well done on taking care of the boys and good luck

mug098

Thanks again for the advise.
I have my phone interview with the o/r next tuesday so i will let you know how it goes.

I think renting for a few years is definatly the way forward as from what i under stand if i let the house go then the secured loan will become unsecured and then i can include that in my bankruptcy !!!

The boys how ever will remain in my care now untill they leave home so they are my main concern but i have also got to think about my own future as well. I am 36 years old so still young enough to start over again.

will keep you updated

Cheers

mug098

Also just out of curiousity

If i stopped paying the mortgage how long would i have before i had to move out and find some where to rent.

Also do you advise on still paying the general house hold bills like water/ coucil tax etc, obviously i will have to continue paying the gas/electric as we are on a card meter.
I also have a mobile phone contract and wish to add that in aswell so shall i just stop paying it so that they cut me off?

All other advise appreciated

Radiantsoul

If you stop paying the mortgage they will take action to repossess you. I think the equity is quite marginal so they will probably move pretty quickly. I suspect after their costs there is likely to be a small shortfall. If the house is repossessed you will lose both the mortgage and the secured loan.

kepar

We did a voluntary repo because we couldn't afford both the mortgage and SL because the OR would only allow for the average rent in the area. This was way short of what we were paying. Now we both were br, in your case it is different in your ex hasn't gone br. I believe that any shortfall after the selling of the house will fall on her. So in one way she will have to take over all the debt or go br herself.
I would find somewhere to rent and just stop paying the mortgage and loan and start rebuilding your life. They will repo in time or you could always write a letter like we did and send the keys back( or go into a local branch).

Alkydale

I am in a similar situation but further down the line. My mortgage wasn't paid for 9 months and it was 11 months before the mortgage company (A&L) repossesed. I'm sure other companies have their own timescales but don't panic about losing your house straightaway as it has to go to court first which can take a while.

I was £19,000 behind and in negative equity.

mug098

Thanks again.

So i have decided to let the house go in order to clear my self from all the debt my ex wife has created.

Now where do i go from here?

Will i be able to get rented accomadation, What is your advise?

Will some one i know be able to bye the house so that i can rent it off them or does it not quite work like that?

Cheers

now

mug098 wrote: »

Thanks again.

So i have decided to let the house go in order to clear my self from all the debt my ex wife has created.

Now where do i go from here?

Will i be able to get rented accomadation, What is your advise?

Will some one i know be able to bye the house so that i can rent it off them or does it not quite work like that?

Cheers

go and see your local housing authority as you will be homeless and you have the boys so you should get accommodation via that route or go and see if you can rent privately. Well done on sticking past your boys you should be proud not an easy thing to do. We rent but were renting prior to BR although most landlords do not care so long as you pay the rent. Good luck xx If somebody you know wants to buy your house and rent it back to you then I would think so long as the offer is excepted by the mortgage company then that would be OK.