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jhn
Starting Member
6 Posts |
 Posted - 28 November 2009 : 08:20:56
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| HI I HOPE YOU COULD HELP WITH MY QUESTIONS PLEASE. MY HUBAND AND I WENT BANKRUPT IN SEPTEMBER 2009. WE HAVE A HOUSE WE LIVE WITH OUR TWENTY YEAR OLD SON. WE HAVE A MORGAGE AND A SECURED LOAN THERE IS PROBABLY ABOUT NINE TO TEN THOUSAND EQUITY ON THE HOUSE. WE WAS ASKED BY THE INSOLVENCY SERVICE IF WE WOULD LIKE TO PURCHASE THE INTEREST IN THE PROPERY AND PAY £211.00 EACH WE WROTE BACK TO THEM AND DID NOT SIGN THE FORM AND TOLD THEM WE HAD NOT SIGNED THE FORM BECAUSE WE WAS NOT SURE WHAT THE INTEREST MEAN'T. THEY HAVE NOW SENT US A NOTICE SAYING THAT THE PROPERTY FALLS WITH SECTION 283A(1) OF THE INSOLVENCY ACT 1986. COULD YOU TELL US WHAT THIS MEANS AND WERE DO WE STAND NOW. WHEN THEY SAY DO YOU WANT TO PURCHASE THE INTEREST DOES THAT MEAN WE WOULD HAVE TO PAY WHAT EVER THE EQUITY IS TO THE INSOLVENCY SERVICE TO PAY TO THE DEPT. ALSO SHOULD WE STILL BE PAYING THE MORGAGE AND THE SECURED LOAN, I ASKES THE INSOLVENCY SERVICE AND THEY SAID WE SHOULD STILL PAY THEM BUT, WHEN WE ASKED C.A.B THEY SAID WE SHOULD NOT BE PAYING BECAUSE THE HOUSE NO LONGER BELONGED TO US, WE HAVE ONLY BEEN PAYING THE INTEREST ON THE MORGAGE BECAUSE WHEN WE WAS HAVING DIFFICULTY WITH OUR MORGAGE PAYMENTS THE MORGAGE COMPANY AGREED WITH US TO JUST PAY THE INTEREST ON THE MORGAGE FOR ONE YEAR, BUT IT IS STILL £611.00 PER MONTH AND THE SECURED LOAN IS £430.00 PER MONTH. SO IS THERE ANY CHANCE OF US KEEPING THE HOUSE OR ARE WE WASTING OUR TIME PAYING THIS MONEY OUT. WE HAVE HAD A MORGAGE FOR EIGHTEEN YEARS. I AM FIFTY AND MY HUSBAND IS FIFTY TWO. I HOPE YOU CAN ANSWER MY QUESTIONS BECAUSE WE DONT KNOW WHAT TO DO THANK YOU |
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RHB
Senior Member
1159 Posts |
Posted - 28 November 2009 : 08:57:15
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1) How long are you allowed to have interest only for with your mortgage company?
2) Can you afford both mortgage & secured loan payments for the forseeable future?
3) If you can, then you could pay the 211 pounds & the house becomes yours again BUT if you do get repossessed cos you can't keep up with payments the shortfall becomes your problem & won't be covered by your BR. |
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debtinfo
forum expert
2826 Posts |
Posted - 28 November 2009 : 08:57:24
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Hi, if you want to keep the house then yu will have to pay to the OR whatever the interest is worth, so if the interest is worth £10,000 then that is what you or someone else would have to pay to keep the house.
As to paying the mortgage and secured loan, if you intend to keep the house then you must keep them up to date and carry on paying, if you dont intend to keep the house then there is no point paying |
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jhn
Starting Member
6 Posts |
Posted - 28 November 2009 : 15:20:15
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thank you for your reply it was very helpful. could you please tell me what morgage rescue scheme is and how does this work thank you. regards janet
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debtinfo
forum expert
2826 Posts |
Posted - 28 November 2009 : 15:32:11
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| Hi the mortgage rescue scheme is from the government and is for people who cannot afford their mortgage for a short period of time (for instance if you lose your job). It helps with the payment but will not help with buying the interest back |
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Hi I hope you can help me with my questions
