attachment to house? way to go?

froggeroz

thanks for that, so another question, would they put a cash amount on as an attachment eg the 15k or would they say that they would require say 8% of the sale amount when the time comes? like i say house needs lots doing to it but oh refuses to do it untill we know where we stand with the trustee, i can feel the house falling to bits around me and its such a shame because i love my house.
by what you have said could we remortgage in say 3 years time, increase the mortgage and pay it off without selling the house?
sorry for all the questions, i want to be armed with all the info before i talk to oh or the trustee,
if they gave us a year, we could save the extra needed to pay the 15k, but i cannot face another year of living in the house without spending money on it, oh will not even buy a tin of paint as he says why spend money when the house isnt ours.
grrrrrrrrrrrrrrrrr
sorry again
kay

allofadither

kay, I'm bumping you up the list, Richard_S is around and he knows loads about houses so hopefully he impart his pearls of wisdom!!!

allofadither

Hope you guys don't mind, but I'm bumping this up again cos I really feel for this lady and I'm hoping one of you (Richard!) might be able to help.

It seems like a similar situation to what Mike is going thru as well, so maybe it's going to be cropping up more frequently.

Thanks
Dither

silvercar

From reading on the insolvency website, the amount of the beneficial interest can change. It may be 15k now, but if prices go up it will be more, if they fall it will be less. If its half the equity after the mortgage is cleared then it stays that way.

You should also be given a year before the house has to be sold; becuase other people live there not just the bankrupt.

froggeroz

ok so we have the letter, we have 12 weeks to come up with 15k. they are not interested in bartering. tbh, if we did it could cause more issues as house price may have gone up, so we have chatted and decided that we will not rock the boat.
ok so motivation needed, i am about to list all our old stuff on ebay, got to make as much money as possible.
we need to save 8k. we have the rest, i can save about 1k a month normally
so it really is going to be tough. i have lots of clothes to sell, i am also going to find out if we can have a mortgage holiday, then we can add that to the savings, im so posative we can do this, wel lets be honest we need to do this or else we will not have a home.
thanks for the help yesterday, i am sure i will be asking for tips on saving now.
kay

allofadither

Kay,

I wish you all the best with this 'venture'. You must be a very determined and focused person. It's a shame the trustee won't take into consideration the 7k redemption penalty clause, but I totally understand you not wanting to rock the boat.

Best wishes
Dither

froggeroz

thanks so much allofadither, you have been great, i love your motto too, i love the stars and it makes so much sense.
i have spoken to my mum this morning and she has offered to assist us with extra funding if we need it. i have to say i really do not want to borrow from her, but its great to know the money is there if we need it. obviously we do not want to borrow it as it defeats the object of trying to be debt free iygwim, but if we were 1k short, its nice to know its there.
i have such a sick feeling, its horrid, i just need to be able to cope for 10 weeks with no treats for me or the kids, i will have to think of things to do that are free, but even a trip to the park these days ends up costing us money, ice creams and parking etc. so i have told the older 2 that they will be not getting treats etc, and they dealt with it quite well.
we will do this, i may even write a diary n here to show myself how its going. maybe that will spur me on even more.
thanks again for your help, and for bumping it up yesterday. i just hope that we are doing the right thing.
kay