| T O P I C R E V I E W |
| terry |
Posted - 19 June 2009 : 10:01:13
My wife & I are considering bankruptcy as our company has failed, owing @ £85k to creditors (inc Lloyds TSB @ £52k) We have around £36k personal finance debts. Our property is valued at £350k and our mortgage is £310k & 2nd charge £53k (so negative equity). If we go bkrupt will our house be taken from us? We have no other assets other than basic furniture. |
| 4 L A T E S T R E P L I E S (Newest First) |
| terry |
Posted - 19 June 2009 : 12:39:53
My mortgage is £800 p/m and secured loan £450 (inc. repaying arrears on both). Income is a sore issue as we are both self employed and do not have a definite amount coming in each month.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less.
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| terry |
Posted - 19 June 2009 : 12:37:59
quote:
Originally posted by Jane.l
yes, you would need to keep up the mortgage and secured loan payments.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less.
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| Jane.l |
Posted - 19 June 2009 : 11:05:50
yes, you would need to keep up the mortgage and secured loan payments.
do you know what ratio these payments are to your monthly income? I know some ORs do not like to see a high ratio when you could rent a similar house for less. |
| gettingoutofdebt |
Posted - 19 June 2009 : 10:29:43
Hi,
If a property is in negative equity then you have the option of buying it back from the OR for a token fee of £1 plus costs of £211. You will, of course, need to keep up the mortgage repayments. |
