went to court yesterday and they passed an order for northern rock to reposess the house, have to hand the keys in on 3rd september, so I duly went downstairs and got paperwork for BR which I am now completing. have come up against a stumbling block, can anyone help. Will try to be as concise and clear as poss:
1) Joint loan secured on house 44.5k 2) northern rock together mortgage on house 95k (73 secured the rest unsecured) - not in my name all in ex husbands name. 3) Property reposessed see above 4) Had house valued before repo at 110k
Okay so anyone any idea how I possibly put this into my br form under section 4?
Any help really appreciated as I am really confused!!
Hi Tinkie, Sure expert will advise better than me but I had mortgage with Northern Rock. Around £107K mortgage so obviously secured and around £8k unsecured as a together. My house when I handed it back was worth about £100k if that. I detailed the £8k on the form as obvious outstanding unsecure debt but then put approx £20k on the unsecured section because any negative equity becomes unsecured and therefore included. You dont have to know the exact amount you could totally guesstimate and put £? pounds and what ever it ends up it will be included. Experts will give you a more detailed explanation and correct me if I am wrong???? Good luck.
Hi Tinkie Section 4 First fill in the secured part Northernrock is the company - £73K is the secured debt - £110K is the value of the asset - £37K is the amount left over
Next Line
Joint loan company is the debt - £44.5K is the amount owing - £37K is the asset (the amount left over from above) - -£7.5K is the shortfall in the last column
Secured section done
Next page - Unsecured debts Here is where you put the unsecured part of the Northern rock loan £22K
That was really helpful thanks, the thing I am still confused about is the fact that the northern rock mortgage is not in my name so surely it wouldn't go on my form, but then how would the rest of it make sense?
just because my ex got the mortgage on the house and then at a later date we got a joint loan to consolidate some debts and help him buy a business. I never got put on the mortgage later on because it was going to cost a couple of hundred pounds to do.
BR Forms help
Posted - 07 August 2009 : 17:43:18
