keep house with bankruptcy?

zAndy1

We had approx £15000 of equity on our house, split 50/50 between me and my wife. My brother ended up buying the BI from the OR for £3500. To me that was a very satisfactory outcome, I'm now paying my brother back £100pm

mattyj0

it is a 7 year fixed rate until 2012 so I may be able to keep my house IF I was able to make an acceptable offer to the OR for my share of the equity?

Irishbollox

zAndy1 wrote:

We had approx £15000 of equity on our house, split 50/50 between me and my wife. My brother ended up buying the BI from the OR for £3500. To me that was a very satisfactory outcome, I'm now paying my brother back £100pm

hi zandy1, is there any chance i could get a copy of your offer letter (less your private details etc) so my wife could do the same.
thanks

zAndy1

I'll see if I can find a copy although it was over a year ago and I've had a new PC in the meantime so I might not be able to find it I'm afraid. Basically what we did was get a valuation from 3 local estate agents, we sent copies of those valuations along with a copy of an up to date mortgage statement and wrote a letter explaining that based on the equity in the property we wanted to make an offer of £xxxx (can't remember what we offered initially, £2500 I believe, well if you don't try.....) for his beneficial interest in the property (his BI as mine automatically transferred to him when I went bankrupt of course). The trustee wrote back and advised that he had received his own valuation and that he thought our valuations were on the low side and our selling costs were on the high side and that he would take £3500 to which we agreed (at the time compared with the prospect of losing our house £3500 was well worth it!!).

Irishbollox

again, thanks
now, if you (all) have any other help with joint accounts that my wife & i share, and HSBC getting heavy about our joint debt, then I'd love to get some advise.
cheers