new bankrupt man, advise needed

mug098 · 15 April 2011 at 4:39PM

I will have to speak to my finantial advisor ref the house as my boss is prepaired to bye it and then rent it to me as long as i cover his mortgage cost but wasnt sure how that will stand, i will get my finatial advisor to talk to the o/r and mortgage company then go from there, that way once my BR has finished i may be able to get a mortgage to bye it back from my both or move in to a new home.

Time will tell so i will keep my chin up and smile for my boys

Cheers

kepar · 15 April 2011 at 5:49PM

So your boss is going to by it at what price? Enough to cover the mortgage and then put the secured loan into your br, can you do that? Surely that is favouring a creditor?
Regards the mortgage it will take you at least 6 years , unless you can come up with a huge deposit.

Ineedaname · 15 April 2011 at 6:25PM

I would assume the boss will buy the house and any equity (or shortfall) will have to go into BR as will the secured loan once it becomes unsecured because the OP no longer owns the house.

mug098 · 15 April 2011 at 7:19PM

Ye i am not too sure if it can be done or not to be honest as i think it will have to be reposesed first then he tries to buy it back but to be honest i havnt got a clue.

tigerfeet2006 · 15 April 2011 at 8:55PM

But the secured loan people may refuse you the sale if they are not going to get paid to. If they do you may have to do a repossesion instead and then your boss can deal with the mortgage co.