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| janice.d |
Posted - 13 February 2009 : 16:00:28
I want to go bankrupt but have a mortgage of 153,000 the house is worth 150,000, The mortgage payments are £1000 per month, i want to go bankrupt but not lose the house, my daughters said that they will take over the house. I am in arears with my mortgage payment, what happens to the property, how much will it cost to transfer to them and what happens to my mortgage and mortgage repayments? Do my daughters have to get a new mortgage or can they take over mine, if they take over mine will they have to clear my payment arrears |
| 2 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 13 February 2009 : 18:46:49
Hello and welcome to the forum.
You may be able to keep the property after bankcruptcy. Please see this Insolvency Service link;
http://www.insolvency.gov.uk/guidanceleaflets/home/home.htm
It may be possible for a family member to buy the beneficial interest in the property from the official receiver's office for £211 + VAT in a situation where there is negative equity in the house. A valuation would have to be done and mortgage payments would need to be kept up and you would continue to be liable for the mortgage payments. As your mortgage is £1000 a month ona property in negative equity and probably reducing in value daily I would be worried about affordability. Nevertheless, you would be released from other debts and could perhaps manage the mortgage and household bills better.
Other forum members sohuld be able to advise you further.
Good luck. |
| Niobe |
Posted - 13 February 2009 : 17:19:38
Hi and welcome.
I don't know the answer to your questions, but just wanted to welcome you and tell you that one of the experts will be along soon who can advise you.
The glimmer gets brighter all the time
Jan
xx |
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