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Angela.97
Starting Member
45 Posts |
 Posted - 29 May 2012 : 10:54:51
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| Hi, would appreciate any help.what will happen to my home if there's little or no equity in it at time of bankruptcy,I am not bothered about staying there as I can't afford much needed repairs. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 29 May 2012 : 14:16:57
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Hi Angela,
If you don't want to keep your home, then you could hand the keys back to the mortgage co for repossession, any shortfall could go into the bankruptcy.
I suggest you speak to an expert on here or visit the CAB for advice and to chat this all through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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year 2029
Average Member
590 Posts |
Posted - 30 May 2012 : 15:29:41
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Hi Angela,
One option is to let the OR or Trustee will decide if there is any equity.
If there is they will try and sell to make some money for your estate, and you can find somewhere else to live.
If it is in negative equity, and you still dont want your house, you can sign a surrender of keys agreement with your mortgage lender (which is probably best done after going bankrupt I think).
Are you still paying the mortgage? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 30 May 2012 : 16:21:13
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The house can be surrendered at anytime, it doesn't matter if it's before or after. However, I always advise before if you are going to use a rental agency to find rented accomodation as once bankruptcy is on your credit file it can make it a bit more difficult.
Please speak to an expert Angela for advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Angela.97
Starting Member
45 Posts |
Posted - 30 May 2012 : 19:15:10
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Vicki,thanks for your reply,my boyfriend wants me to go and live with him .it is council property.does he need to tell them I am bankrupt. He is on benefits so with me working his benefits would probably stop
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Angela.97
Starting Member
45 Posts |
Posted - 30 May 2012 : 19:21:54
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Yes I am still paying mortgage,do you know what is reasonable ammount to put down for housekeeping,I spend about 300-400 pound a month on food toilletriesand cleaning. For me and my some who is 20 and currently on jpbseekers allowance after loosing his job.he gives me 60 pounds a month. Do you think this is ok,
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 30 May 2012 : 19:26:37
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I don't think he would need to tell them you are bankrupt unless they asked, you would need to become a joint tenant and they may ask then but I don't know their procedure sorry.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Topic |
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Hi, would appreciate any help.what will happen to my home ?
