| Author |
 Topic  |
|
|
coco
Junior Member
United Kingdom
181 Posts |
 Posted - 06 March 2007 : 20:01:45
|
Well my date for my petition is set for the 28th march at 11.00, i feel a bit scared I have resided my self to loosing the house and car
Dennis can you answer some questions please.
Had the house valued in January £84000 outstanding mortgage 72500 plus 4500 redemtion charge, my IVA just done a an equity release and the calculation was £375 would this stand in BR and if so would there be a chance to keep the house.
The HP on the car is 3500 left with a current value of 4500 if by the time they take it back and the cost surely it would be better to allow me to continue making the payments it is essential for me to work and for my family etc.
thanks
I apologies for my keyoards poor spelling and grammar. |
|
|
BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 06 March 2007 : 20:25:15
|
Hi Coco, I assume the biggest concern for you is the house...
Based on the figures you have given the house is safe:
Mortgage £72500
Redemption £4500
Estate agents fees 2% £1680
Solicitors etc £1000
Total £79680
You can assume a 5% disount for a quick sale, based on that you will see there is little or no equity. The beneficial interest may be purchased for £1 The official reciever does not want to turf people out of their homes.
The car is open for negotiation based on your needs, what do you do for a living?
Regards, Dennis,
www.BankruptcyHelpline.Org
0208 626 9366 |
 |
|
|
scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 06 March 2007 : 20:40:27
|
i would like to ask i am about to petition and know that there is to much equity in my house for me to get anyone to pay the benificail interest so therefore i am going to have to rent, once i have gone bR will the OR allow me to miss a couple of mortgage payments to save up for my deposit and first months rent, if so how will this reflect on the morgage company could they start repossession order straight away and ask me to leave,
kerri |
|
|
|
Debtdummy
Junior Member
United Kingdom
267 Posts |
Posted - 06 March 2007 : 21:06:08
|
kerri, the equity you think you have may be less because the OR is going for a quick sale. You may find at the end of it all you had less equity than what an estate agent quoted you. As for the OR and how s/he will view your not paying the mortgage so you can save for a rental and the bankruptcy fees s/he are very use to this. How else were you suppose to afford the rental and the bankruptcy fees?
The mortgage company will add on to the mortgage all of your arrears, cost to sell etcYou will not have to pay this amount if petitioning for BR. You see, the remaining mortgage and all fees, arrears, etc, including any other secured loans will become 'unsecured' because there is no house to have these loans secured on; and that amount owing will be put into the pot for ALL of your creditors to share AFTER the OR has been paid.
Your mortgage lender can't just put you out. There is a process they have to go through. BUT, if your lender is a sub-prime lender they can move as fast as 3 months from the 21 day default notice. However, once you know your BR date, you can request from your lender a VOLUNTARY REPOSSESSION FORM which they will send to you. Fill it in and return that with the keys(IF and WHEN you are ready-have another roof over your head) either in person, registered mail, or courier. Just make sure they SIGN for the keys.
Keep the buildings insurance on the property until you receive acknowledgement (in writing) from your mortgage lender that they have the keys or you will be in real deep poo-poo if anything should happen i.e. fire, etc. Also, remember to list your mortgage company and all secured loans as a creditor on your insolvency application as well as unsecured creditors.
I hoped this helped you. Take care.
All I have left is my sense of humour. |
Edited by - Debtdummy on 06 March 2007 21:09:41 |
|
|
|
BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 06 March 2007 : 22:25:06
|
quote:
Originally posted by scaredkez
i would like to ask i am about to petition and know that there is to much equity in my house for me to get anyone to pay the benificail interest so therefore i am going to have to rent, once i have gone bR will the OR allow me to miss a couple of mortgage payments to save up for my deposit and first months rent, if so how will this reflect on the morgage company could they start repossession order straight away and ask me to leave,
kerri
Hi Kerri, can you let me have the following info:
Current property value?
Current mortgage outstanding?
Any redemption?
Married?
Current % rate?
Secured loans?
Regards, Dennis,
www.BankruptcyHelpline.Org
0208 626 9366 |
|
|
|
Debtdummy
Junior Member
United Kingdom
267 Posts |
Posted - 09 March 2007 : 20:02:07
|
Dennis does your organisation have Saturday opening hours?
All I have left is my sense of humour. |
|
|
|
BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
|
|
scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 11 March 2007 : 23:18:49
|
hi dennis sorry took a while to get back to you
estate agent said she would put house on market for 135k house across the road just sold for 122k ok its a terraced mines a semi, mortgage redemption is 103k plus 4k redemtion charges plus 1k help with costs yes i am married, no secure loans unsure of percentage rate, its a together mortgage with northern rock with an additional 25k unsecured loan, this is joint with hubby any advice i already know we gonna lose it but unsure with forced sale haven't missed any payments yet but will do by the end of this month for br fees any thing else?
kerri |
|
|
| |
Topic |
|
court Date Set
