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hopelessT
Starting Member
United Kingdom
1 Posts |
 Posted - 24 October 2012 : 18:58:26
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I am about to file for bankrupcy for debts amounting to £40000, I have a house that is worth £230,000 with a mortgage of £256,000. We have a separate suspended possession order £21,000 arrears on the house, the payments for which are up to date. I have this mortgage with my husband, he wont be involved with the bankrupcy its just me.
I have no assests to speak of just a car and some jewelery, I have no income as he supports me but we just can't service the debts any more. I have two children 10 and 13.
Will I lose my home do you think? I have read that people move out and have to buy back their home, how does this work?
Will the children lose their games and posessions?
Help sorry to keep asking T x
T |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 October 2012 : 19:23:27
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Hi and welcome.
You maybe ok with your house, the or will keep an interest in it for two years and three months but if its in negative equity you could be ok. You wouldn't have to move out before the or decides what to do.
Your kids,possessions will be fine.
Hopefully one of the experts will be along with advice.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 25 October 2012 : 00:31:44
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Hi, if your home is in negative equity, you can afford the mortgage payments and they aren't excessive, then you can buy back the beneficial interest after you've been declared bankrupt. This takes the house out of the bankruptcy. Or you can wait for the OR to value it 2 years and 3 months after your bankruptcy if you think it's unlikely to increase in equity. Please speak to an expert to chat all of this 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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NEGATIVE EQUITY HOUSE QUANDRY
