Before we look in depth please advise if it is possible for my husband to go bankrupt if we have a mortgage in joint names - what will happen to that property?
We have a mortgage of £125k and our house is currently worth approx. £150k so there is equity but in the current climate not enough to clear his outstanding dents of approx. £75k.
We have looked at IVA but as I work part time not enough coming into the house to make the monthly payment we would be asked for?
if the valuation of your property is correct then for you to keep it you or a 3rd party would have to buy your husband's beneficial interest in the property from the Official Receiver.
With £25K in equity your husband's BI is likely to be £12,500.
That said there are circumstances in which it may be possible to prove that your husband's share is not the full 50% of the equity.
Who paid the deposit? Who has paid the mortgage payments up to now? Have you ever remortgaged the property and if so where did the raised funds go?
The answers may, or may not, mean that you are able to demonstrate that your husband's share is lower than the 50% assumed on a joint ownership.
Does your husband owe you or a family member any money? If so this fact could be used to help safeguard the equity.
Before we look in depth please advise
Posted - 11 March 2009 : 17:27:33
