| T O P I C R E V I E W |
| goingunder |
Posted - 02 October 2008 : 19:16:59
Hi everyone
I have seen on a couple of posts about people buying a bankcrupts interest in the property, eg partner or husband. I was just wondering how this works? My house is possibly in negative equity (if you count the unsecured loan attached to my mortgage) but would still like to keep the house if i can.
Any help you can give me would be greatly appreciated! This forum has been a godsend, and made me realise im not on my own!!
xx |
| 6 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 03 October 2008 : 12:15:51
Hi Goingunder,
Regrettably the unsecured element cannot be counted toward the equity in the property.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| goingunder |
Posted - 03 October 2008 : 09:29:14
yes i do. hmmm maybe wont be in negative equity, although there wont be much equity there, maybe 10k max. |
| zoe |
Posted - 03 October 2008 : 09:19:41
Just to add you cannot include an unsecured loan in the calculations. Only secured lending.
I am presuming you have a "together" mortgage with Northern Rock? |
| John |
Posted - 02 October 2008 : 22:17:50
Hi
yes if you keep paying the mortgage you will keep the property if it is in negative equity the process is as described by Jo.
Once the BI has been sold by the OR he has no future recourse if the value soars and equity exists.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| goingunder |
Posted - 02 October 2008 : 20:08:18
Thanks, does that mean that you get to keep the property if you keep paying the mortgage? And any sale in the future you would get the equity from the property? Sorry, so many questions!
xx |
| Needafriend |
Posted - 02 October 2008 : 20:02:41
Hi Goingunder
When you have negative equity the OR can ask you to get a 3rd party to buy the BI for £1 plus fees of £211 which can then be bought back by you after discharge.
If both of you go BR then say your mum or dad or a friend could do this for u, i dont think your allowed to do it yourself im not sure.
If only ones goes BR then the other person ie: your OH can buy the BI again for the £1 plus £211 fees.
Hope that helps
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriend's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
