Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
mitsu8
Posted - 05 August 2008 : 08:48:50 hi my personal debt for cards is about 30000 and a secured loan for 25000.my mortgage is 240000 with house value of 270000 .im at a stage where nothing is getting paid off and feel that bankruptcy is my best option.im wondering would i lose our house as we have 2 children.any advice greatly received.thanks
2 L A T E S T R E P L I E S (Newest First)
rollercoaster
Posted - 05 August 2008 : 09:45:52 does the value of the secured loan not wipe out the equity?
Suzanne
Posted - 05 August 2008 : 09:42:01 Hi
As you only have around £5k in equity, and this could arguably be absorbed in costs of sale, the OR would probably offer the beneficial interest to a 3rd party for the nominal sum of £1 plus conveyancing costs of £211. This would enable you to remain in your home as long as you continued to pay the secured lenders.
