| T O P I C R E V I E W |
| BankruptC |
Posted - 24 July 2008 : 14:49:11
Hi again all,
Our house is about 30K in negative equity and I'm still not 100% sure what will happen to it when we file for BR.
Could someone please outline what our options are for the house when we go BR?
Thanks
I |
| 13 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 24 July 2008 : 20:08:08
Hi Ian,
Missed mortgage payments or late payments normally only remain for 12 months, however if you have handed the keys back for sale their may well be a shortfall at sale which could flag up.
As I say it's best to discuss this with a mortgage broker as they will let you know the future implications.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 24 July 2008 : 19:54:50
Thanks Brett,
Will the missed mortgage payments stay on our credit file even once the BR doesn't show any more?
Thanks again,
I |
| Helpful Advice |
Posted - 24 July 2008 : 19:52:15
Hi Ian,
You will be able to obtain a mortgage in the future, however you will pay a slightly higher rate du to your adverse credit from missed mortgage payments.
As Suzanne mentions it is best to speak to a mortgage broker or IFA who could let you know the options available for the future.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 24 July 2008 : 17:10:41
Thanks again Suzanne.
I'll give him a call.
I |
| Suzanne |
Posted - 24 July 2008 : 16:39:52
Yes, try this link
www.brightoak.co.uk
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 24 July 2008 : 16:30:38
Thanks,
Can I find his details on a website?
I |
| Suzanne |
Posted - 24 July 2008 : 16:28:00
I'm not sure Ian. You could try having a word with a financial advisor who specialises in sub prime. Andrew Graveson of Brightoak is one that might be able to help you.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 24 July 2008 : 16:22:56
Thanks again.
Finally (on this topic at least!), if we were to had the keys back, what would our chances be of getting another mortgage in a few years?
I |
| Suzanne |
Posted - 24 July 2008 : 16:02:27
All assets and liabilities go into the bankruptcy estate. It kind of becomes an entity of its own where everything gets gathered and sorted.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 24 July 2008 : 15:57:16
Thanks once again. Sorry to sound dim, but what exactly is 'the estate'? People keep asking me where will the debt go and I never really know the answer other than 'into the estate'!
I |
| Suzanne |
Posted - 24 July 2008 : 15:34:07
Yes, any debt provable in the bankruptcy would go into the estate.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 24 July 2008 : 15:32:33
Thanks Suzanne, you really are a star!
As well as the mortgage, we also have a secured loan (which contributes to the 30K negative equity). Would the shortfall from both mortgage and secured loan go into the bankruptcy if we were to hand the keys back?
Thanks again,
I |
| Suzanne |
Posted - 24 July 2008 : 15:29:13
Hi Ian
You have three options.
Have a third party buy it back for a pound plus all the conveyencing costs.
Stop paying the mortgage and allow the bank to repossess. The shortfall will go into the bankruptcy.
Hand back the keys and move into rented. Then any shortfall will go into the bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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