Just one thing...

threeofus

thanks for the advice Silvercar, I will mention that to the building society when I speak to them, they know the situation and have said that once the arrears are clear then I will be in a better position, it will need to go the underwriters for a decision.

silvercar

brightonbelle wrote: »

thanks for the advice Silvercar, I will mention that to the building society when I speak to them, they know the situation and have said that once the arrears are clear then I will be in a better position, it will need to go the underwriters for a decision.

I hope it works out.

Bare in mind that the arrears department are there to encourage you to pay off the arrears, so I wouldn't take any promises they make as gospel.

Worth speaking to a good mortgage broker who should know fairly instantly whether particular lenders will allow joint income and/or maintenance payments to be considered.

TakeAwayKing_2

Hi again
You say a quick sale isn't possible but unfortunately it really is.

threeofus

but a quick sale would be a cheap price wouldn't it? I can't afford that, if I am forced down that route I will need to get a decent amount so that I get a decent amount of equity. Surveyor has just been round anyway and I've spoken to the mortgage company so will have to see.

Might just get a lottery ticket this afternoon too!!

StopIt

brightonbelle wrote: »

but a quick sale would be a cheap price wouldn't it? I can't afford that, if I am forced down that route I will need to get a decent amount so that I get a decent amount of equity. Surveyor has just been round anyway and I've spoken to the mortgage company so will have to see.

Might just get a lottery ticket this afternoon too!!

That's why it may be prudent to not let them force a quick sale by putting the house on the market yourself.


I know it's not what you want to hear, but if you want to maximise your equity, that's your best shot. Letting the sale be forced from beneath you will almost certainly lead to a lower return.


It's also why you need to get professional legal advice regarding the situation in full to get a proper opinion on whether a forced sale is likely or not. AND to speak to a good broker too to evaluate your chances of keeping the house ASAP.


The faster you act, the better your chances of a least bad outcome.

threeofus

yes I understand that, I am seeking advice from lawyers and also have to make an appointment with an independent mortgage advisor as well as speaking to the trustee keeping them updated.

Whilst the person who got me into this mess has walked away and left me to deal with it all...what doesn't kill you makes you stronger I guess hey!!

FlowerGirl27

He is probably having to talk to the trustee too though about selling the house?

threeofus

no he isn't, has had no contact with them at all, made no effort to get his children out of the situation he has put them in at all, nothing. Got out of paying his debts, but lost everything, sad really. its been a tough lesson

FlowerGirl27

Sorry, I just guessed at that and I shouldn't have done.
Well it must be a relief to have the debts off your back and to be able to start with a fresh slate. Sometimes when bankruptcy is the only option it can be a relief.

silvercar

FlowerGirl27 wrote: »

Has he actually got an Income Payment Order?

Did the Official Receiver go to Court and get a Court Order saying that he needs to pay £x for however long, being his surplus income?

An actual sealed Court Order setting that out?

brightonbelle wrote: »

yes he has, he had to go to court to change the date as he wanted it to go out when he got paid, he is subsequently in arrears with it so I am not sure if he has to pay it for three years from when it was set up, three years for when he was bankrupt or it goes when he looses the family home? Also he will have to pay all the rent so his disposable income will be reduced by about 800 quid a month as he only pays 720 for the mortgage, I assume that the payment order will reflect this change? I hope so otherwise it will be pretty hard going with very little income left for any of us xx

As he is discharged, he must have co-operated with the OR, enough that they are satisfied that he has disclosed his finances. An IPA means he and the OR have agreed (or he has accepted) what he needs to pay. So clearly there has been some co-operation.