My situation is, i own three properties all mortgaged 2 properties I let out and one I live in
1 bedroom flat Kent bought on a northern rock 100% mortgage current mortgage 92500 and loan which came with mortgage 28000 value of property now 70000. This property was bought joint with my ex girlfriend 4 years ago and I have only just managed to have her removed from mortgage 3 months ago. 1 bedroom flat Brentwood bought in my name for 225000 mortgage 202000 now valued at 170000.
My flat I live in paid 249995, 2 bed flat mortgage of 227000 valued at 215000
I am having to go bankrupt as aside from the above I have credit cards to the value of 25000 (result of servicing above property) and the two above property un let and the rent no longer covers the mortgage. Plus hefty service charges on the two flats in Brentwood 170 a month on mine 220 on the 1 bed!
I have set a court date of the 01/10/2010 to go bankrupt but am concerned over something that I heard. I was told in bankruptcy the court can reverse transactions for up to five years are they likely to do this on the flat in Kent so it reverts back to my ex partner who I have not seen or had contact with for four years, (don’t even know her surname now married with children)?
And also
I am hoping the court may let me keep my flat as it is in neg equity and the mortgage is currently only 475 so should be cheaper than renting even with service charge on top is this realistic?
My situation is, i own 3 properties
Posted - 09 September 2010 : 12:10:38
