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julie08
Junior Member
United Kingdom
178 Posts |
 Posted - 21 June 2008 : 16:01:51
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| hi all, am now discharged from my bankruptcy , my trustee had interest in my home , they are now wanting my half of the equity which is 15k they have said 8k up front and then 200 per month , we arnt going to be able to live as we also have other comittments ie , mortgage, insurance etc are they being un fair , the say if we dont pay the house will go for reposession , also they gave 60 days to raise the 8k |
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debtfreesusie67
Junior Member
256 Posts |
Posted - 21 June 2008 : 16:51:20
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Hey Julie just wanted to say congratulations on being discharged from your BR. I don't have the answers about your property I'm sorry but I'm sure an expert will be along soon with all the answers
Hugs
Sue
The only way is up
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 21 June 2008 : 16:56:04
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Hi Julie,
It would be great to hear Suzanne's take on the situation. My view is that given the current economic climate, it is likely a sale would only be accomplished at a discounted price. Given these factors, I'm sure you could negotiate more time.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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julie08
Junior Member
United Kingdom
178 Posts |
Posted - 21 June 2008 : 17:47:52
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| thanx for replies , we have agreed to the trustees terms but cant help feeling that 8k in a lump sum is far too steep does any 1 agree that it is un reasonable |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 21 June 2008 : 20:10:36
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Hi Julie,
It depends on the factors of the case. I would imagine the OR wouldn't have asked for it if they didn't consider it reasonable. As a question, when calculating the equity, did they factor in mortgage redemption penalties and sale costs? If not, this can be used as a valid argument for lowering the equity available.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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what happens now
