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| karon.h |
Posted - 16 August 2008 : 10:23:38
Hi,
i am going to declare myself bankrupt shortly.My husband and i have recently seperated and i am truing to explain to him how hw may be affected. There are two mortgages on the property both paid up to date with outstanding balances of approximately £96,000 on a property worth approx £130,000. I am going to move into a rented property and he already lives elsewhere, what i would like to know is will he receive any money from the equity or is there a chance he will receive nothing when the house is sold?
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| 3 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 16 August 2008 : 21:54:01
Hi
it's impossible to say how long it would take to sell which is the issue here.
The OR would let you stay for 12 months but you would have to be paying the mortgage or the lender will, after 3 missed payments, go for repossession which takes about 2 months in itself.
Which, if you turn that around, means you could live in the house for up to 5 months without paying the mortgage.
I'm still a little concerned for you and your husband regarding the equity.
If you would like to discuss this in detail please call the helpline number and leave a message and contact number and I will gladly call you early in the week.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| karon.h |
Posted - 16 August 2008 : 21:05:10
Hi,
thanks for your reply
I have been advised to look for a property to rent as once i have been made bankrupt then it would be hard for me to get anywhere and to move out when i have had my appointment with the official receiver, i would then give the address of the house i am currently in and not the flat i would be moving to. How long would you advise staying in the house then in order for the sale to be a private one and not by auction. |
| John |
Posted - 16 August 2008 : 10:40:19
Hi karon
if the house were sold at market value and the morgage payments were kept up to date both before and after BR, after legal costs are deducted, half of any equity would go to your husband and your half would go to the Official Receiver and subsequently paid to your creditors.
If you're both walking away from the house (with potentially £40K of equity I would not advise this) then property may be sold at auction and I doubt there would be any equity once the motgages are redeemed.
Worst case would be if the house sold for less that £96K at auction. With you in BR the shortfall would become your husbands liability.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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