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Aero
Starting Member
9 Posts |
 Posted - 07 August 2009 : 19:13:10
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oh lord Debtinfo - we cant even be in the same room as each other. But thanks I hadnt considered that! I better offer him the option I guess. I would be the one paying the mortgage afterwards as I am the one living here. If he in usual ****head fashion decides he would rather be awkward, and go bankrupt himself later on would I be notified so that I/myfamily could buy his beneficial interest?
and sorry - I really really dont understand - if your bankrupt, your debts go... so how come your mortgage stays??? really really dont get it sorry - I'm not thick, just brain dead at the mo lol :)How do we decide who stays in the house? he is such a jerk he would probably argue that he should as he could pay the mortgage if no other debts! Questions questions :)
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debtinfo
forum expert
2826 Posts |
Posted - 07 August 2009 : 21:39:37
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right one bit at a time
The Mortgage question - The Mortgage company as a secured creditor have a specific right over a specific asset (the House). They have a right regardless of the bankruptcy to get their money out of that house, but only up to the value of the property at the time they choose to retrieve their money. Until then they are a contingent liability which means they rely on their horded asset until it is no longer available. They cannot physically make you pay the mortgage but they can exercise their rights over the asset if you dont(sell the house). The other secured loans have the same rights but only after the first mortgage. If the asset is sold by you or them they can only take as much as the asset is worth. After the value of the house is used up, they have used up their security, and any amount left owing falls into the bankruptcy, even if this happens years later.
Who stays in the house - you both have equal rights to buy the equity so have to sort it out between you, (or go to court)
If he went bankrupt later - yes you would be offered the equity, just like he will be offered yours, a letter goes out to both owners in both bankruptcies
hope that helps |
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Aero
Starting Member
9 Posts |
Posted - 07 August 2009 : 23:39:48
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Thanks Debtinfo your a star :))) I will probably think of somthing else in the middle of the night but that clears up a lot, thank you :)
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Hello, hope someone here can help
