Gone on too long

Jaxno5

Thanks
Yes the 14500 is included in the 60 k
Also the mortgage is joint with my ex so doesn't that mean the equity if any is split ??

Jaxno5

Any more advice

dancingfairy

O.K so the actual equity in the property is less than 2k? (16k -14.5 secured loan?). You may or may not be able to keep the house. Basically the OR has up to 2 years 3 months to decide what to do with the house. He may decide to sell it or he may decide there is not enough equity in it. I believe you can make an offer for you share of the equity. This does, of course depend on you being able to pay the mortgage on a regular basis when all your unsecured debts are taken into account (and you might have to pay the secured loan as well, I'm not too sure). Can you do this?
How does the mortgage compare to local rentals?
You might want to read the sticky threads at the top of the thread for more information and also have a look at the other threads about things others have asked.
You really need to try and speak to one of the debt charities about your options (and you need to be able to say you've taken advice if you do decide to go bankrupt).
If you decide to go bankrupt all the pieces will fall into place.
You could stop paying the mortgage (if you think you can't afford it/the OR will want it) and save up to move into rented and to go bankrupt.
You could find a solution with the van.
It'll all work out in the end.
df

longtermplanner

Can I repeat my last question:

"What would it cost to rent somewhere, because if the value you quoted is optimistic, then you may have serious negative equity in the house."

On your optimistic value there is c 16k equity in the house, but 8k of this is your ex's and if the 14.5k charge was for a debt that was just in your name then your ex is still entitled to her share of the equity.

If you could rent somewhere at a reasonable price, then it might be better not to struggle to keep the house but let it go,