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beth83
Starting Member
United Kingdom
20 Posts |
 Posted - 24 January 2010 : 21:58:44
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| What happens to the house after my husband files for bankruptcy? The mortgage payments are all up to date, so would we still pay them each month? ive read that because we have children we can stay in it for a year, is this true? |
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debtinfo
forum expert
2826 Posts |
Posted - 24 January 2010 : 22:03:09
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| What is the value of the property, the amount of the mortgage and the amount of the secured loan |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 January 2010 : 22:40:03
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hi,
Welcome to the forum
Depending on the equity and whether there are any second charges, arrears or any other factors, you could keep the property - post a bit of information and one of the posters will come back to you.
e.g. What is the property worth? Is there any equity? Is it jointly owned? if so, are you bot going BR? Are there any arrears? Is there a second charge?
Just a pen picture and we can look at options for you, Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 25 January 2010 : 13:26:18
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Hi, Thanks, the secured loan is 15000, and the house is worth approx 110000, which we currently pay 80000 mortgage on, so do have some equity but no where near enough to pay my husbands debts. We decided it should be just him going BR because apart from secured loan and mortgage the debts are in his name, but i do not have any spare money to buy out his share of anything. There are not any charges or arrears with the two jointly owned debts. Its the mortgage and what happens to the house that we have struggled to get information on.
Thanks, Beth |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 25 January 2010 : 23:09:16
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if the property is jointly owned then once your husband declares BR his half share of any equity in the house (his BI) will become the ORs
if you can afford it you should be able to buy the BI back from the OR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 January 2010 : 12:07:48
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beth,
I am sure there is a way forward from what you have described so far.
It may be worth speaking or emailing one of the insolvency experts that you will find on the left hand of the page.
From there, you can look towards a plan fro recovery.
Come back as necessary, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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What happens to the house after husband files br
