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henrytc
Junior Member
United Kingdom
194 Posts |
 Posted - 27 May 2008 : 14:01:09
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| Hi I was decleared bankrupt in dec 2007 and was told at the time by the OR they had no interest in our property, this has now changed and they are saying there is £9,000. if you look at it the way they are there is but if we sell we have a redemption and selling fee's there wont be anything less when i put this accross i was told unfortunatly they have to show the creditors they have gone to every lentgh even if they end up with nothing. we have also received an appolagy for being given the wrong information in the first place. i have now been told if I can'not afford to pay not to worry as the house will be past on to a firm who will monitor the house and will not sell it without giving us the first offer. my fear is that if i stay here paying the morgage and the secured loan that ends in 18 month's there will be more than 9,000 and we will end up loosing the house anyway. so wouldn't we be better giving it up now the thaught of this kills me we have lost everything and we was lead to believe that there was no interest in the house. we are strugling as we are paying £300 into the bankruptcy as well. do you think this firm will force us to sell as anyone else been in this position. |
Edited by - henrytc on 27 May 2008 23:05:41 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 27 May 2008 : 14:18:32
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| Hey henrytc, sorry I can't answer your question, I just wanted to say hi and please hold on, an expert will be along shortly to help you. Viki X |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 27 May 2008 : 16:38:32
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Thanx for that Viki
Tracey x |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 27 May 2008 : 19:54:35
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Hi Tracey - another Vicki!
This is definately one for the BR experts - it's not something I had to deal with in my BR - they will be online soon!
Vicki x |
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zoe
Junior Member
329 Posts |
Posted - 27 May 2008 : 22:26:56
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Hi Tracey
Which OR are dealing - this also happened to me with Nottingham OR - they told me they would take early redemption into account and then the case was moved to another handler who told me that they wouldn't we are fighting corner at the minute
z |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 27 May 2008 : 22:33:00
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Hi Zoe
Guess what it's Nottingham,I don't know witch way to turn at the moment. went through the BR and to be honest felt like a weight had been lifted now I feel as bad.
Tracey |
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zoe
Junior Member
329 Posts |
Posted - 27 May 2008 : 22:41:09
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| Well my letter is going in at the minute - i will keep you posted as to what happens - i know that doesn't help you in the meantime though sorry zx |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 27 May 2008 : 22:43:01
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Has someone done a proper valuation of the house recently to base these new equity figures on? I thought property prices were falling!
I know others have paid for a chartered surveyor to value their properties to get a realistic market value - hopefully an expert will come on line tonight to help you.
Hope it works out ok for you Tracey
Vicki x |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 27 May 2008 : 22:49:57
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I have only sent in an estate agents valuation that was for 115.000- 120,000 so the OR took this at 118,000. after reading other posts on this site i can see that a surveyor's report would have been better. The problem i have now is time as they have told me I'm being passed on at the end of the month?
Thanks for all the above support
Tracey x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 May 2008 : 09:04:50
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Hi Henry,
There is still time to obtain a surveyors report and I suggest getting this done soon there will be a fee for this, but you may well find that the property will be worth considerably less.
If the OR does not agree with the new figure they can then instruct their own surveyor who will look at the recent valuations from other surveyors and property sale prices in the area.
I think you need to draw a line under what has happened previously and start the negotiations again.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 28 May 2008 : 10:57:22
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Hi Julian
I understand what you are saying but if they move me over to this firm to monitor will i still be able to do this. should i ring them of my intention ?
Thanks
Tracey |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 May 2008 : 11:23:42
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Hi Henry,
By all means, let them know what you are up to. However, the OR will take what they can, so I would suggest in addition to the valuation, you get a full settlement figure from your mortgage company (including redemption fees). These two pieces of information should be sufficient to clear the issue up.
Regards.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 28 May 2008 : 15:46:08
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Hi Julian
I have a friend who has offered to help us out, do you have any idea of a reasonable offer if we made one now. this being with them wanting £9,000 and not taking redemption into consideration although looking at it with redemption it would be 118,000 value 103,000 morgage 8,000 secured loan and a 3,000 charge
Thanks
Tracey |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 May 2008 : 16:25:09
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Hi Tracey,
With the figures you have provided, it looks like there's a total of only £4k in the property. If the property is in joint names, then an offer of £2k seems a sensible place to start negotiations.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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leslie.p
Junior Member
United Kingdom
197 Posts |
Posted - 28 May 2008 : 17:17:04
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hi all,
i went bankrupt early this month,my home is in joint names(wife and i).
i owe £60000 on the mortgage and the house is worth £150000(feb 08) so my equity is £45000, my question is will the OR take all my equity to pay to creditors?
i do owe more than this amount to creditors.
regards
leslie |
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henrytc
Junior Member
United Kingdom
194 Posts |
Posted - 28 May 2008 : 17:39:38
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hi
Thanks for the advice property is in joint names. we both went BR on the same day. can someone just buy my half this leaving my partners?? |
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Equity and the OR
