Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
2101Ruby
Posted - 05 May 2011 : 21:46:27 Good evening forum members,
Found this site on internet and looks really good for the advice i urgently need.I have credit card debts of around £21,000 and live in a property that is i guess £35,000 in negative equity .I split with my ex partner middle of last year and agreed to sign a deed of trust to sign all the the equity over to her. I now have a credit cards that keep increasing apr and my mortgage has just come off my fixed rate and as oon as interest rates go up i am in the s#@t .My mortgage is with the old northern rock and they will not offer me a new deal as my mortgage is with NRAM the bad debt side of the goverment owned business .problem being i do not earn what i did when i took the 5 year fixed and i cannot prove to any lender that i earn enough to pay the mortgage + i.e 4 x my salary. Questions being if i had to go bankrupt would the creditors being the credit cards or the morgage lender want to and be able to take equity out of the property even though i ahve signed a deed of trust? As much as i do still do not get on with the x mt debt problems are not her issue any more and i do not want to land this on her? Thank you
David
6 L A T E S T R E P L I E S (Newest First)
debtinfo
Posted - 07 May 2011 : 11:22:58 Why was the equity transfered? Were you married? Is there any particular reason why she should get more of the equity?
RHB
Posted - 07 May 2011 : 07:29:07 Without knowing all the details, I think the trustee would want the equity,yes. Does your ex pay all the mortgage now and if so when did they start to do so?
2101Ruby
Posted - 06 May 2011 : 23:00:27 Sorry , bit more explaining to do! i moved back into a property i had rented for a year and my name is solely on this mortgage this is where i now live -35k!!!.My x lives in the proprty i moved out of last year in which i signed a deed of trust signing all equity over to her.If i went bankrupt would creditors try to take equity or wrap my debts around the ex's house as my name is still on the mortgage?
debtinfo
Posted - 06 May 2011 : 18:22:02 are we talking about 2 different properties here? i was a little confused as well glafy
RHB
Posted - 06 May 2011 : 14:07:33 I don't understand how you signed equity over to youe ex & now there is 35,000 negative equity?
If the property is in negative equity then by you declaring br she would become responsible for the mortgage you can't afford or the house would be repossessed. The shortfall would fall under your BR but she would probably need to declare BR or make some other arrangement to pay off the resulting shortfall.
If there is equity then the OR will look to recover your half you gifted her last year & it may mean forcing a sale if she can't come up with the money.
glafy
Posted - 06 May 2011 : 04:33:01 Morning David & Welcome to the forum.
Hope that one of the experts will be along to answer your questions soon.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!!
