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contactme40
Starting Member
United Kingdom
3 Posts |
 Posted - 25 February 2009 : 09:11:46
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| Hi, My husband & i split up 9 mths ago im not sure how nuch money he owes in total but he has done nothing at all about this and is waiting for one of his creditors to make him BR, the problem is i am still in the family home and paying the mortgage usually late but do get there. what will happen to our home i dont wont to loose it & have 3 kids at home to our mortgage & 2nd mortgage (secure loan) outstanding is £177,000. what will happen really dont wont to loose my home, im not sure on value aprox £200,000, please help scared thanks lisa |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 February 2009 : 09:46:04
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I take it that the mortgage and secured loan are joint, if so it all depends on whether there is any equity in the property (value minus outstanding mortgage balance and outstanding secured loan balance) perhaps a good idea is to call an estate agent out to get an idea of the value of the property intodays market, ring your mortgage company and secured loan company for an outstanding balance and do a quick sum.
If there is no equity you would not lose your home but be given the opportunity to buy the 'Beneficial interest' from the OR (brief explanation: when a person goes bankrupt their interest (name on the deeds gets replaced by the OR's name this stops the property being sold without his knowledge, if no equity he will remove his name for £1 plus £211 costs to the other person on the deeds (you) or a 3rd party, if you do not go bankrupt the OR will have no interest in your 'share' of the property)This is of course subject to the mortgage and secured loan payments being maintained by you.
If there is equity the OR will look to realise - this may meanyou haveing the opportunity to purchase your ex's share of the equity or if this is not possible the OR will look to realise the equity ie sell the property.
Any joint debt you have with your ex you will be liable for if he goes bankrupt - in full (joint and several liability means you are both liable for the whole amount not half each)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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contactme40
Starting Member
United Kingdom
3 Posts |
Posted - 26 February 2009 : 23:53:59
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[quote]Originally posted by Melanie.n
I take it that the mortgage and secured loan are joint, if so it all depends on whether there is any equity in the property (value minus outstanding mortgage balance and outstanding secured loan balance) perhaps a good idea is to call an estate agent out to get an idea of the value of the property intodays market, ring your mortgage company and secured loan company for an outstanding balance and do a quick sum.
If there is no equity you would not lose your home but be given the opportunity to buy the 'Beneficial interest' from the OR (brief explanation: when a person goes bankrupt their interest (name on the deeds gets replaced by the OR's name this stops the property being sold without his knowledge, if no equity he will remove his name for £1 plus £211 costs to the other person on the deeds (you) or a 3rd party, if you do not go bankrupt the OR will have no interest in your 'share' of the property)This is of course subject to the mortgage and secured loan payments being maintained by you.
If there is equity the OR will look to realise - this may meanyou haveing the opportunity to purchase your ex's share of the equity or if this is not possible the OR will look to realise the equity ie sell the property.
Any joint debt you have with your ex you will be liable for if he goes bankrupt - in full (joint and several liability means you are both liable for the whole amount not half each)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
Hi Thanks for your reply, My main mortgage & the secure loan are separate. I am a company director & can pay the mortgage (just)except i do have some personal debt of my own around 12,000 that makes it impossible to pay everything,im looking into doing a dmp or something simalar. We have nothing else in joint names only the mortgage. My house is not on the market but have already had offer of 195.000 they had my home surveyed but i dont know the value, i have been in touch with both mortgages and know the amount is £177,000 for early repayment, acualy think the house is worth 225,000 but with todays prices im not sure. Will one of his debts eventualy make him BR? he is now unemployed and on disability benefits. thanks for help.. |
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contactme40
Starting Member
United Kingdom
3 Posts |
Posted - 27 February 2009 : 00:14:30
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| Hi Thanks for your reply, My main mortgage & the secure loan are separate. I am a company director & can pay the mortgage (just)except i do have some personal debt of my own around 12,000 that makes it impossible to pay everything,im looking into doing a dmp or something simalar. We have nothing else in joint names only the mortgage. My house is not on the market but have already had offer of 195.000 they had my home surveyed but i dont know the value, i have been in touch with both mortgages and know the amount is £177,000 for early repayment, acualy think the house is worth 225,000 but with todays prices im not sure. Will one of his debts eventualy make him BR? he is now unemployed and on disability benefits. thanks for help..think made a mess of this and put the reply in wrong place sorry |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 February 2009 : 08:35:12
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Further to the information you have posted, you would be well advised to contact an expert on here (left hand side of the screen under 'experts' please feel free to email me direct or another expert listed)to enable the full picture of your situation to be known and then the appropriate advice given. Another alternative is to go onto our sister site iva.co.uk and you will find a number of IP's on there who are highly recommended, or look up iva.com read IP reviews and select an IP to give you advice, just make sure that the advice is free - i strongly believe that people in a debt situation should not have to pay for advice on how to del with their debt situation.
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Hi, My husband & i split up 9 mths ago
