Br newbie my home please help iff poss

Richardd

Hi I've just been made bankcrupt last fri after nine years off paying my creditors my self then thru a dmp with money plus gp,my orig debts started at 25000£ after a relation ship breakdown ,things were ok for little wile paying along nicely, then the down turn came along and things changed ,became awkward demands got more n more and threats started bailiffs extetra,anyhow I've carryd communication with creditors and paying wot I cud but they still to this day are charging me interest wich my uncercured debts have now reached 65000£ total mess,so I tried to enter two iva,s one in November with stepchange and one two weeks ago with money plus group both were rejected coz one off creditors dlc collections wanted 75p in pound return and so was inpos to do it,I've been advise to go br from my local cab very helpfull,I am expecting call today from or?? I've been very truthfull we my out goings form,I own my own home souly for last eight years morg and second morg upto date never missed payment, I owe 82000£ on me home had 3 local estate agents round last week and was only valued at 65000-70000£ max leaving me around 12000-17000£ in neg equity,does anyone no iff there's anyway I'll be able to keep my home after all this ???? Will or let me keep it or force sale???ive spoke to my morg company's explained worts happened they r happy to leave me b aslong as morg is always paid,please help anybody thanks.

banksshouldworry

With that much negative equity you will likely be able to keep your home. That is because the OR would lose a lot of money if they were to sell your home.

Here's a link from the IS about what happens to your home:

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf‎

Ask the OR in your interview.

longtermplanner

You should be ok with that much negative equity. See http://www.insolvencydirect.bis.gov.uk/casehelpmanual/F/Family%20Home%20(ISCIS).htm

BUT when will the mortgage and the secured loan be cleared? Is the mortgage repayment or interest only? How much would it cost you to rent somewhere? Because with that much negative equity it might be in your best financial interest to lose the house and the negative equity through bankruptcy.

Richardd

Hi my house has 17years left on morg and secured loan has 3and half years left,I have a repayment morg,and both combined it's still cheaper then renting ware I live?,I'd really hope to be able to stay in my home my kids stay wiv me every fri sat n sun they class it as home to,I'm worrying bout wot the or will do and say stressfull time At mo I'm expecting call today to arrange interveiw,? I also forgot to mention on my original post I've paid 20000£bak to creditors in my dmp sinse 2007 and they don't seem to be bothered they just want more.

fermi

Only problem could be that if the 2nd charge is effectively unsecured because of the negative equity and/or they believe that the mortgage/loan payments are excessive then they may not allow you them in your budget.

See the sections here on potential excessive mortgage payments and additional secured loans.

---> http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part7/part4/part_4.htm#31.7.82

longtermplanner

fermi wrote: »

they believe that the mortgage/loan payments are excessive http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part7/part4/part_4.htm#31.7.82

That doesn't sound likely if they are cheaper than renting!