| Author |
 Topic  |
|
|
johns
Junior Member
United Kingdom
269 Posts |
 Posted - 09 August 2009 : 09:48:06
|
Hi can anyone explain my predicament,
Just been discharged from bankruptcy and the house is still in my name.
My wife was asked to buy the bi two months ago,she explained to the trustee handling the bankruptcy and that the house was now in negative equity and they said they would be in touch.
Does anyone know what happens now as i am out of bankruptcy and the mortgage company do not seem to be worried as long as the mortgage payments are met, can they put some sort of order on the house and force a sale in the future
Regards
Johns |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 09 August 2009 : 10:36:43
|
| The trustee has 3 years to deal with the property and the BI will belong to the Trustee until it is either dealt with in some manor or the 3 years have passed, how much equity is there |
 |
|
|
johns
Junior Member
United Kingdom
269 Posts |
Posted - 09 August 2009 : 11:18:05
|
There is a negative of approx £10kquote:
Originally posted by johns
Hi can anyone explain my predicament,
Just been discharged from bankruptcy and the house is still in my name.
My wife was asked to buy the bi two months ago,she explained to the trustee handling the bankruptcy and that the house was now in negative equity and they said they would be in touch.
Does anyone know what happens now as i am out of bankruptcy and the mortgage company do not seem to be worried as long as the mortgage payments are met, can they put some sort of order on the house and force a sale in the future
Regards
Johns
|
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 09 August 2009 : 13:24:46
|
| Then i dont think you have anything immeadiate to worry about even if it takes another 6 months it will prob still be in negative equity and be able to bought back for £1 + costs. I would get on to them and see what the hold up is |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 August 2009 : 22:07:58
|
They are so busy at the moment that they are falling behind a little with the beneficial interest side
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
|
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 09 August 2009 : 22:15:29
|
Hi
I was listening to the news over the weekend and heard that there are more BR cases than ever before, so yes the OR offices are very busy.
Just to re-assure you we had a longish wait to here about starting the BI for my wife. She had a reply on Friday and paid over the fee, £212.00.
The value of property is still falling in some areas (i watch very closely, I was an estate agent!!)so no immediate concern; however, I understand your anxiety as it is another hurdle to jump and it is better to be off the starting blocks...
|
|
|
|
johns
Junior Member
United Kingdom
269 Posts |
Posted - 10 August 2009 : 16:50:54
|
[quote]Originally posted by Housing
Hi
Thanks everyone, thick question, does this mean they will wait 3 years for house prices to go up or will they let my wife buy the bi. One point prior to my bankruptcy one of my loans was in joint names and my wife received a default, she is in the process of appealing as she had no correspondence stating she owed any money. On purchasing the bi will she have to seek permission from the mortgage company.
Again many thanks for imput it really is appreciated
Regards
John |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 10 August 2009 : 17:43:47
|
| If you have a joint loan with someone & that person goes bankrupt then the full amount becomes payable by you, therefore that loan isn't part of the BR proceedings.Is she paying the loan off now? |
|
|
|
Deedee
New Member
United Kingdom
60 Posts |
Posted - 12 August 2009 : 21:41:13
|
| The buying of the BI has nothing to do with the mortgage company. At the moment you are paying the mortgage and that is all the mortgage co. is interested in. The equity (BI) at the moment belongs to you and the OR if the property is sold, it is not the mortgage co's business who gets any of the equity from the house. When you buy the BI you will get 100% of any equity that is in the property. |
|
|
|
swbankruptcy
Starting Member
United Kingdom
22 Posts |
Posted - 13 August 2009 : 08:24:17
|
I can confirm what DeeDee is saying - my wife is in the process of buying the BI of our property - as luck would have it the mortgage was in my sole name - the OR solicitors originally wanted her to go onto the mortgage but as she is also an undischared bankrupt there is no way this can happen. As a result they are just transferring the BI.
The last thing the OR would look to do would be to sell your home as even if house prices rise dramatially it would be ages before there is enough equity to make it worth their while - they would only get Fire Sale price so approx 70-75% of market value of your home |
|
|
| |
Topic |
|
house ownership
