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| T O P I C R E V I E W |
| Suzi.ae |
Posted - 25 February 2010 : 15:13:29
We have a property which is in negative equity however we have always kept up payments on our mortgage and secured loan, what we are now unable to pay is our unsecured credit of about £35k.
Citizens Advice suggested bankruptcy as an option but said that our house would be at risk. They were however unsure what would happen if the property was in negative equity.
Could you please provide some guidance on this please as we want to remain in our home with our 2 children and are trying to figure out our options.
Many thanks |
| 5 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 26 February 2010 : 10:42:39
Good morning,
Sorry to learn of your problems. Let me say, you are not alone and try not to get too stressed as it will only make matters worse.
Having accepted that you are in difficulty, grasp the nettle...
The CAB are probably right - but on the negative equity, provided you can afford the mortgage repayments, you can buy the beneficial Interest from the OR (post BR). The OR will NOT want the house as thetre is no equity.
It will be done with ease through the ORs solicitor (TFT in Bristol). It is a deed of assignment that is two pages and requires three signatures.
It will coast £211 plus £1.00 each - so £213.00. (I have not heard as to whether this fee is to be increased in April along with other OR charges).
Good luck and post again with any questions, Regards, Richard
"There are no problems - only solutions" |
| gettingby |
Posted - 25 February 2010 : 23:04:53
Yeah we only paid one fee too |
| debtinfo |
Posted - 25 February 2010 : 18:13:12
hi GOOD, if they do it at the same time TLT will usually do it for one £211 fee |
| Richard P |
Posted - 25 February 2010 : 15:55:52
Hi Suzie
sorry to read that you are considering bankruptcy, unfortuantly it does happen but in my circumstances it was the best and correct option for me.
if you can keep you mortgage and secured loan payment going and up together, this will help you keep the property
you mention unsecured credit, but not level of income (it is not for me to enquire) but if you both have regular income can i suggest that you speak to Paul and his team at Reviva. As they may be able to offer an option which is not Bankruptcy... ? worth a ten minute phone call and may be able to attack the 35K debt
regards Richard |
| gettingoutofdebt |
Posted - 25 February 2010 : 15:37:38
Is it a joint mortgage? If so and the property is in negative equity then you can buy the beneficial interest (BI) from the OR for £422 (£211 each) + £1 fee. You would keep up the mortgage repayments as normal and would be able to keep the property. |
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