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| T O P I C R E V I E W |
| Sznn |
Posted - 15 February 2010 : 17:33:27
My friend has received a letter from her ex's trustee stating that they are going to take proceedings in respect of the house. The house was bought by the ex and my friend and is in joint names. They have a joint mortgage. Since buying the house the ex has never lived there. It was bought to put a roof over her head and their daughter. They got it at 70% of its value from her family friend. The trustee is requesting she pay 50% of the equity into his bankrtupcy. She has put forward arguements with regard to the upkeep of teh house, payments against the mortgage etc but they are still insisting that she pays the full 50% of the equity. Their daughter is 16 and will leave school this year to go on to further education. She only works part time can't get another mortgage in the current climate to pay this off and is at the end of the negotiations with the trustee as it now seems they are going for an order for sale as it is almost 12 months since the bky. Surely she should be given some "rebate" for the fact that the ex has never contributed at all to this property, save for the matineance money paid for the daugher? She cannot afford to instruct a solicitor to help and any help any of the experts can give would be appreciated. Thanks |
| 4 L A T E S T R E P L I E S (Newest First) |
| chester2005 |
Posted - 17 February 2010 : 11:05:07
if it was bought as "tenants in common" when the mortgage was issued then regardless of the initial value reduction the equity in the property now will likley be viewed as 50-50 and as such the trustee wil force the sale for his share
situations like this with arguments etc. are best sorted with the OR and not the trustee ie. sooner rather than later, at the start of BR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| RHB |
Posted - 17 February 2010 : 07:29:00
I think it might be worth your friend stumping up the cash to see a solicitor because she could have a lot to lose. It has to go to court to get the sale order& it needs defending. The fact that it was bought cheap probably won't be important, it's the equity in it now that they are after & she needs to have the fact that she has paid more mortgage considered. BUT, when you say ex, were they married? What did the consent order state when they got divorced? If they weren't married, the situation becomes a bit trickier, as it does if finances weren't sorted out with the divorce. |
| Sznn |
Posted - 16 February 2010 : 10:02:47
Thanks Richard.
Can any of the experts help? |
| Richard P |
Posted - 15 February 2010 : 17:58:30
Hi Sznn
this letter needs to be replied to, explaining all of the circumstances
i would email one of the experts, as this is a specific question that if not answered as thoroughly as the trustee requires could cause long drawn out arguments
good luck and regards Richard |
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