| T O P I C R E V I E W |
| mikc |
Posted - 25 March 2009 : 20:14:18
i have a joint mortgage with my wife and our 12 year old daughter lives with us. The mortgage is with the same bank we use for our separate current bank a/cs. would the bank (HSBC) be likely to let us continue our mortgage or would we be likely to be able to get a mortgage from another provider if the Court let us keep our house ? |
| 3 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 26 March 2009 : 21:55:41
Hi
if I read your post correctly you both intend to declare bankruptcy and you currently have an estimated £45K to £65K in equity.
This means that on declaration of bankruptcy all of the equity will vest in the OR. You will be offered the opportunity to buy back your beneficial interest from the OR or to nominate a 3rd party of your choice to do so.
If the raising of the £45K to £65K is not possible by any means the OR or his appointed trustee will have little choice but to force the sale of the property irrespective of whether or not your mortgage repayments are up to date.
John White
England Jackman & Spacey |
| mikc |
Posted - 26 March 2009 : 20:13:56
Thank you
Actually my unsecured debts are not from my (our) bank but from a host of credit cards and 2 unsecured loans. Our house is worth between 200 - 220k and our o/s mortgage and equity release loan is c155k
Do these facts affect our position ?
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| John |
Posted - 25 March 2009 : 23:02:49
Hi
provided that you maintain the the mortgage repayment schedule your bank should not have a problem if you write off unsecured debt which you have with them.
There is no chance of going with a new provider if you are bankrupt as if there is equity at present the OR will claim it all, therefore you will need a new 100% mortgage - an audience with the Pope is more likely.
John White
England Jackman & Spacey |
