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T O P I C R E V I E W
chewy22
Posted - 15 February 2009 : 19:17:25 Bankrupt house buy back
Try to keep my first post as simple as possible.
Gone through a divorce but my ex wife went bankrupt November 13th 2008 with credit card and loan debts of about 80k. “Had no knowledge of any of it believe me”
During the divorce she had the house valued at 200k in July 2007 but we could not agree the value of the property, as I believed it was only worth at the time 180k. Fast forward to May 2008 she still thinks it was worth 200k. The judge instructed an independent chartered surveyor to value the property and he gave a value of 160k in June 2008.
You get the idea that I need a falling market.
Now I am at the point with dealing with her insolvency practitioner the property needs to be valued again by the above surveyor but does anyone have an idea as how to play this as many houses on my estate haven’t sold in over a year and what sort of offer should I put in. I am expecting a new value of about 140k and I have an endowment mortgage of 28k in both our names on the home. I live with my son in the above home and she moved out into a new home
I could have a forced sale of the house in November this year but this will not benefit any of us, as a far lower price will be achieved at point of sale. If I cooperate with the insolvency practitioner then the deal could be dragged out 3 years I believe. I don’t want to mess with them but I do wish to keep my home, as it will be far less hassle than moving. I have had enough stress over the last two years to add a house move on top.
I have a mortgage offer in place but haven’t shown it to them yet. The endowments are showing a surrender value of 18k that’s 10k short of the mortgage.
3 L A T E S T R E P L I E S (Newest First)
RHB
Posted - 17 February 2009 : 07:37:21 A consent order is what you get at the end of all the financial wrangling, signed by the judge & unalterable unless one party has been dishonest about their financial affairs.
chewy22
Posted - 16 February 2009 : 17:46:25 Did you have a consnet order drawn up at the time of the divorce?
Not sure what that is?
I do have to go back to court next month to finalise the ancillary relief. The judge would not sign it off until her bankruptcy was complete.
RHB
Posted - 16 February 2009 : 08:53:26 Well, if both names are on the endowment she is entitled to half of that as well (or rather the banruptcy estate is!!!)
As to the house, maybe it will drop lower so it might be worth hanging fire.
Did you have a consnet order drawn up at the time of the divorce?
