| Author |
 Topic  |
|
|
daley.y
Starting Member
1 Posts |
 Posted - 23 January 2010 : 17:26:13
|
| i,m considering declaring bankruptcy. my house is worth around 850,000 with a mortgage of 680,000 and secured and unsecured debts totalling 222,000. whilst i earn a modest 5/6,000 monthly it is not enough to service the mortgage and the debts.removing the debts but not the mortgage would make the situation sustainable again.i know this sounds like having your cake and eat it but things are very desperate. i have a suspended repossesion order on the house but really don,t want to lose our home. i got married in october and my wife is pregnant due in may. i also have my daughter from my previous marriage living with me a lot of the time.. none of the debt is in my wifes name or the mortgage. how can we keep our home. please help |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 23 January 2010 : 17:58:24
|
| Hi, The key thing is how much of the debt is secured and how much is unsecured, What type of house is it and how many people live there |
 |
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 January 2010 : 21:13:27
|
hello Daley,
From what you have said, the first charge lenders are moving forward already - what are the terms of the SPO and are you meeting the terms each month?
Is there a second charge? If so, are there any arrears?
Is the property in your sole name or do you own it as joint tenants?
How many people live in the property? How many bedrooms?
I am assuming it is in the London/South East - or a manor house in the country if you are outside of the M25 corridor
Post back a bit more detail and I will look at options or some of the other regulars to this site may have some ideas.
Is does sound as though the clock is ticking though!
Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 23 January 2010 21:14:36 |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 24 January 2010 : 08:41:16
|
| Even if there was negative equity & you went BR, if the mortgage payments were deemed to be too high you could still lose your home. Is it more than a tree bedroom house? |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 24 January 2010 : 08:43:47
|
| Also, your mortgage is 10x your salary which doesn't sound sustainable long term? |
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 January 2010 : 09:49:07
|
Hi again,
Your scenario does sound complex and as I have said, certain actions are alreasy happening.
I think that you need to speak to an insolvency expert from the forum as soon as you can to get some advice.
I will make comments such as I can when you have taken that advice and posted back.
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 24 January 2010 12:40:50 |
|
|
| |
Topic |
|
i,m considering declaring bankruptcy.
