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Purplemouse
Starting Member
1 Posts |
 Posted - 12 September 2011 : 20:39:17
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| My friend's estranged husband has been declared bankrupt. He had a 1% share in her property which she had bought 3 years before they married and which they put into a joint mortgage when they married, doubling the size of the loan at the same time. She has been paying the new, larger mortgage for the last 2 years on her own since they split up but she believes that she will lose the house now that her ex has gone bankrupt. Her mortgage company told her she could not have the loan in her own right as she did not fit the earnings criteria and, even if she did, would have to have a newer, higher, rate. She has 4 children and is terrified that she will lose her home even though her ex has such a tiny stake in the equity. Is she right? Will her mortgage company reposess even though the loan is being paid? |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 15 September 2011 : 08:51:13
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Hi Purplemouse
Sorry to hear about your friend's plight.
Presumably when her estranged husband and her went for a joint mortgage, his stake would have increased to 50% and therefore the Official Receiver would look for his share of any equity.
However, as you have 4 children, it is unlikely that the house will be repossessed. It is more than likely that the OR will keep an interest in the house for 2 years and three months before deciding his next course of action. If I were you, I would try and find out who is dealing with his bankruptcy and have a chat.
Hope this helps.
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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My friend's estranged husband has been declared bankrupt
