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| michelle.m1 |
Posted - 21 January 2010 : 12:42:06
After a lengthy divorce and over £44,000 unsecured debt in my name over 9 creditors, I pay all creditors a reduced monthly amount for over 5 years now, but can no longer cope. I own my home in only my name but my mortgage is now higher than the value of my home. Is there any way I can keep my home if I go bankrupt. I always pay my mortgage so have no arrears here. I have one dependent daughter living with me (still at school) plus 2 adult children one who has a child so my 5 yr old grandson lives with me - all are dependent on me for their home. Is there anyway I can go bankrupt and keep my home. |
| 2 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 21 January 2010 : 13:53:30
Hello Michelle,
Welcome to the forum.
As Blackie has said, you could save the house by purchasing the Beneficial Interest from the Official Receiver (obviously after you petition for Bankruptcy).
It is a straightforward process with a deed of assignment. The cost is as Blackie has said a bit more than if there was joint ownership in the property, that is £211.00 plus the £1.00.
If there is equity then you can still do this, but bear in mind there will be more than the £1.00 to pay to the OR (I hope this makes sense)
You may want to obtain 3 valuations from local estate agents. I suggest that you use independent ones, not the corporates, and they will be pleased to provide a free valuation. I suggest three as valuation is an art, not a science!!
Say to the estate agents that you are thinking of re-locating to another part of the country and want a quick sale! Do not say you are thinking of bankruptcy as they will not do a valuation if there is no prospect of an instruction!!
Again, as Blackie has said, post back if you have any other questions and someone will be able to assist I am sure.
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
| Blackie |
Posted - 21 January 2010 : 13:17:26
Good afternoon Michelle
If your home is in negative equity, you will be allowed to keep it and continue to live there so long as you can afford to keep up the repayments on any loan secured on it. The Official Receiver will not be interested. However, having said that, you may have to buy your "beneficial interest" in the property for £1 plus legal costs of approximately £450 as the house is in your sole name.
I hope that this is of some help and, if you have any further queries, please feel freeto come back to the forum.
John Blackadder |
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