| T O P I C R E V I E W |
| helpmeplease |
Posted - 28 January 2011 : 05:45:29
My partner and I are going to apply for bankruptcy as we have recently failed out IVA due to my partner loosing his job a while back and our childcare costs increasing.
We have this week been officially informed that our IVA has closed and creditors informed... tick tock tick tock until the calls begin!
We have enough from my wage and my partners new wage to cover utilities and living expenses but not our mortgage payment. ( we are around £200 short)
We have discussed between us that 'letting our house go' and renting a property would be our only real option - but how should we best do this?
We have a 2 year old and I am due to have our second baby in April and ideally if we are going to move would like to do so and know we are settled in a rented property before the baby comes?
Can we simply stop paying our mortgage and sign a tennancy agreement prior to filling for bancruptcy?
It seems like getting advice for free regarding bancruptcy is a nightmare _ I am so unhappy and just pray for this to be over before the new baby comes :(
|
| 6 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 31 January 2011 : 12:24:58
thanks housing had mental block
hope things are good with you
Richard |
| Housing |
Posted - 31 January 2011 : 11:22:54
Hi
I suggest that you make an appointment to see your Housing Options team at the local council housing department.
You may be able to save the house through the Mortgage Rescue Scheme - tghis is where you stay in your home and a registered provider (housing association) purchases the property and lets it to you on a tenancy
Come back if you want some more advice. I have done this for a number of clients in different parts of the country
Housing
"There are no problems - only solutions" |
| Richard P |
Posted - 30 January 2011 : 21:57:21
depends on mortgage company and percieved equity in property could be anything upto 6 months
go and speak to local council about situation and see if you qualify for mortgage .. (forgot the term help someone !)
but one council used Govt legislation to help some friends sell their property to housing agency and are now renting back the same property at less price than mortgage.
Richard |
| helpmeplease |
Posted - 30 January 2011 : 20:55:01
Hi, thank you for your quick replies.
We have been looking at available properties to rent in our area, and think we are going to bite the bullet and not pay mortgage payment due 1st of Feb :O scary stuff!
Any idea how quickly the mortgage company will remove our names from the house and it will no longer be ours?
Vicky
|
| Viki.W |
Posted - 28 January 2011 : 09:33:52
Hi, as Jan has said, you're doing everything in the right order. Get yourself settled into your rented property first.
You will get free advice from any of the experts on here and also by posting on the forum, so keep posting.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Niobe |
Posted - 28 January 2011 : 08:16:04
Hi,
Sorry to hear about your problems but I think you are doing the right thing.
I don't think there is anything to stop you from stopping paying the mortgage and giving the house up and then renting. I would think that you should do it sooner rather than later.
You can get free initial advice by contacting any of the professional experts listed under the experts link on the left hand side of the page.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
