| T O P I C R E V I E W |
| Kirsty |
Posted - 08 June 2011 : 16:38:14
Husband & I are just about to file for bankruptcy as IVA is going to fail.
My property is worth about £150k after devaluing by approx £25k in last 3 years. We owe £152500, but this includes £2000 penalty if we leave fixed rate mortgage early. This penalty does not apply after June 2012.Should I be thinking about getting a valuation done now and do I request settlement figure from mortgage provider or does the OR do this.
I presume OR will not be interested in property because of lack of equity, but I have been told OR will be listed on deeds.
Could someone please explain the £1 beneficial interest thingy??!!
Can we pay for the name to be removed ourselves, or does it have to be a 3rd party. I know there is £212 cost involved in this as well.
Also, I have been told OR has up to 2years 3 months to decide if they are going to claim equity. Is this correct?
Sorry it's a bit waffly, but I'm still a bit confused.
Thanks Kirsty |
| 8 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 09 June 2011 : 10:00:40
Kirsty, if there is equity in the property when it is valued again in a couple of years, then you will be given the opportunity to pay this amount to the OR to keep the house.
I suggest you speak to an expert or your IP regarding this.
Wellerchic, speak to the OR, any shortfall from the repossession will be included in your bankruptcy. Make sure you can secure a new home first though as it may be difficult with Br on your file.
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/ |
| wellerchic |
Posted - 08 June 2011 : 20:53:39
Vicki - Can I ask the OR to sell my home if I dont want to be in it anymore, I cannot afford the upkeep and if mortgages rise I could not afford it. I pay £541 at the moment but could possibly rent for £ 450 and the extra money would come in handy. I have been discarged now since Feb25th 2010 so should I expect some contact very soon from the OR
G X
There is light at the end of the tunnel, I can actually see it !!!! |
| RHB |
Posted - 08 June 2011 : 20:45:56
If you can afford your mortgage & want to gamble that prices won't rise then keep your house. IF NOT IT MAY BE BETTER TO RENT before BR as you say. |
| Kirsty |
Posted - 08 June 2011 : 19:15:30
Mortgage payment is just over £1000 with 18 years reamaing. Renting would cost about £700.
But wouldn't OR just take excess.
Thanks |
| RHB |
Posted - 08 June 2011 : 18:48:05
What would the difference be between what you'll pay in rent & what you would pay on the mortgage? |
| Kirsty |
Posted - 08 June 2011 : 17:43:02
If equity is about £2k for instance how would we go abouut obtaing BI. If we got a relative to do this would they have to pay full amount or can an offer be made. Are they then put on the title?
Thanks |
| Kirsty |
Posted - 08 June 2011 : 17:07:41
Thanks Viki
I was just reading an earlier post by Bigal confirming this.
It was someone from IVA company who told me about £1 rule. I am wondering if some of the other things discussed are not up to date.
So there is a good chance that in 2 years and 3 months there may be equity will we be forced to sell then. We wontbe able to remortgage.
Will all funds go to OR? I know if we carry on paying mortgage we will have a roof for now, but it seems like we will be paying mortgage for OR.
IVA company said if OR wanted us to sell we should default on mortgage in order to save a bond for renting. This seemed really harsh at the time, but now I am beginning to wonder.
Thanks Kirsty |
| Viki.W |
Posted - 08 June 2011 : 16:57:46
Hi Kirsty,
Buying the beneficial interest for a £1 plus £211 has been stopped unfortunately, this stopped in January.
I suggest you get a couple of local estate agents to give you quick sale valuations and get a mortgage balance as you will need this info for your bankruptcy forms.
The OR will value your property again in 2 years and 3 months to see if there is any equity and they have 3 years to deal with it.
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/ |
