HOME  FORUM  MEDIA  EVENTS  ARTICLES  TV  BLOGS
•Home
Bankruptcy:
•Bankruptcy Information Center
•What is Bankruptcy?
•Is Bankruptcy right for me?

•How to declare Bankruptcy?
•What happens to my assets?
•Bankruptcy and credit rating

Forum:
•forum
•register
•search
•faq
•experts

Blogs:
•Bankruptcy News
•More...

Media Room:
•Press releases
•Media Coverage

Other:
•About BankruptcyHelp
•Links
•Contact us
•Debt Glossary
•Insolvency jobs


FORUM
  > Browse and post on our forum
Home   |   Profile   |   Register   |   Active Topics   |   Members   |   Search   |   FAQ

Welcome to our Forum, please register if you want to post

 All Forums
 archive
 bankruptcy postbag for august
 equity in property

Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!

Screensize:
UserName:
Password:
Format Mode:
Format: BoldItalicizedUnderlineStrikethrough Align LeftCenteredAlign Right Horizontal Rule Insert HyperlinkInsert EmailInsert Image Insert CodeInsert QuoteInsert List
   
Message:

* HTML is OFF
* Forum Code is ON
Smilies
Smile [:)] Big Smile [:D] Cool [8D] Blush [:I]
Tongue [:P] Evil [):] Wink [;)] Clown [:o)]
Black Eye [B)] Eight Ball [8] Frown [:(] Shy [8)]
Shocked [:0] Angry [:(!] Dead [xx(] Sleepy [|)]
Kisses [:X] Approve [^] Disapprove [V] Question [?]

 
Check here to subscribe to this topic.
   

T O P I C    R E V I E W
jane.m Posted - 03 August 2008 : 15:38:55
If your property had about 5k equity in in before any redemption figures are taken into consideration would they still want too sell the house are would you be given an opportunity to buy out the interest or are they more likely to wait and see how much more equity there is goig to be in it after the 12 month period.

Thanks
3   L A T E S T    R E P L I E S    (Newest First)
John Posted - 03 August 2008 : 21:54:22
Hi
if the charge is in place prior to BR then you will almost certainly be able to buy your husband's BI due to the level of negative equity. Obviously that would mean that the creditor holding the charge would be paid in full if you sold the house in the future and the value had significantly increased.
However, if he goes BR before the charge lands the debt would be written off and therefore not payable in the future.The decision is of course yours.

www.Bankruptcyhelp.org.uk
0800 078 9367
jane.m Posted - 03 August 2008 : 20:38:43
Hi John

Thank you for your quick reply. One of my husbands creditors is trying to get a charge on the property for about 17,000 an if they acheive this which i think they will what would happen if we later went bankrupt as the property would be about £12,000 negative equity not taking into consideration the redemption figure. Would the or allow us to pay £212 to buy his interest or is it again he could possibly think about holding of for 3 years too see ow much equity would be in the property at that time.

Sorry for the many questions

Thanks
John Posted - 03 August 2008 : 16:12:37
Hi Jane
redemption penalties are unavoidable if they exist.
Therefore if you had £5K equity and you were still within the redemption penalty period the property is more than likely then in negative equity.
Irrespective of where a redemption penalty exists or the amount of equity in the property, you would always have the option to pay the OR a sum equal to the BR's interest / equity before a forced sale is considered.
The OR or trustee has up to 36 months, not 12, to wait for the equity in the property to increase.
So each case would be dealt with on it's own merits and the decision would be down to the trustee.
In today's property market the trustee is unlikely to wait if there is only minimal equity such as in your example as property values are likely to continue to fall for some time to come.

www.Bankruptcyhelp.org.uk
0800 078 9367

bankruptcyhelp.org.uk Forum © bankruptcyhelp Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.06