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beth83
Starting Member
United Kingdom
20 Posts |
 Posted - 08 March 2010 : 18:38:12
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| My husband finally was made bankrupt last week, so we feel like a weight has been lifted as far as the debts go. Now what happens with our house? all we have been told so far is that they value it and if i want to buy out his share it will cost me about £4000 which i really dont think i can get. We are worried now what happens as far as the house is concerned. We are not behind with any mortgage payments or house bills, it was just the debts. Ive got visions of being kicked out onto the street in a few months! Do we have to sell the house or does the OR? |
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debtinfo
forum expert
2826 Posts |
Posted - 08 March 2010 : 22:15:37
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| They wont normally force a sale if there is less than £10,000 of equity in it, even if they do force a sale it can take many months to go through the courts etc. he will discuss it at his interview and then receive a letter explaining the process a few weeks later |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 09 March 2010 : 02:24:37
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the OR has 12 months to decide what to do with the asset and 36 months to implement it.
generally with less than £10000 equity it will be offered to you to buy if you cannot afford it then they keep hold of his 50% share and when this is worth more than a certain amount ??? they will force the sale to get it.
if you are not intending to buy the BI back for a while at least then change to an interest only mortgage to stop building the equity up
it is better to find the money now to buy it rather than in a couple of years time when you might have to find double the amount
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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RHB
Senior Member
1159 Posts |
Posted - 09 March 2010 : 07:06:35
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| Any chance a relative of either of you couldbuy it if you don't have the money to hand? |
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 10 March 2010 : 14:29:37
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thanks for all the help. We have now been told by the OR that hopefully they wont want to do anything with the house because of so little equity, apparently there needs to be over 20k equity (10k mine, 10k hubby) for them to be interested and that wont happen, but they can decide to sell it upto 3 years which seems hard to wait all that time then they could tell us to move out the week before the end of the 3 years?? I could just buy out my share of the equity, but i dont work and cant see me being able to get a loan even for £3000. There isnt anyone else who can help.
Chester you say to change to an interest only mortgage but surely if my hubby is bankrupt we cant change the mortgage for 6 years as we wouldnt get the credit??
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 10 March 2010 : 16:08:36
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speak to your mortgage provider and they may be able to assist you there,
an interest only mortgage is less per month so if you can afford the payments now you can afford less!
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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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 10 March 2010 : 16:10:08
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the only thing to be aware of is if you change to an interest only mortgage then your outgoings may decrease and you may have more to contribute to an IPA its a balancing act between equity and IPA
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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RHB
Senior Member
1159 Posts |
Posted - 10 March 2010 : 16:19:31
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| Not all banks are willing to change to an interest only mortgage either, particularly where there is little euity |
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My husband finally was made bankrupt last week
