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 archive
 bankruptcy postbag for february
 can a ip hand the keys back to morgage company
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ste.s
Junior Member

206 Posts

Posted - 08 January 2008 :  23:04:45  Show Profile  Reply with Quote
i was made bankrupt jointly and dispite trying to remorgage the ip got a possesion order in court,the ip did nothing with the property for 2 mth,in this time the property had been broken into,set on fire,completly flooded.
my advise i am seeking is due to all this the ip has said there is to much work involved and they are not going to claim on there insurance resulting in them stateing they are handing the keys to the morgage lender to despose of the property.
where does this leave me.

Johnny Debt
Junior Member

United Kingdom
265 Posts

Posted - 09 January 2008 :  08:46:02  Show Profile  Reply with Quote
I think what will happen is, the mortgage company has to put the property on the open market for 30 days to obtain the best possible price. After this period they may well decide to sell the property at auction.

So if the outstanding mortgage is £100,000 and if they sell at £110,000 then I would think any profit would go to the Trustee to distribute amongst any secured creditors, then unsecured creditor.

Was the property just in your name or joint ownership?

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ste.s
Junior Member

206 Posts

Posted - 09 January 2008 :  23:04:24  Show Profile  Reply with Quote
quote:
Originally posted by Johnny Debt

I think what will happen is, the mortgage company has to put the property on the open market for 30 days to obtain the best possible price. After this period they may well decide to sell the property at auction.

So if the outstanding mortgage is £100,000 and if they sell at £110,000 then I would think any profit would go to the Trustee to distribute amongst any secured creditors, then unsecured creditor.

Was the property just in your name or joint ownership?

the property was joinyly owned and the bankrutcy was two seperate orders for the same debt.
whats happened is the ip whilst in ther posssesion let the property get damaged,as a result there giving the keys to the morgage lender who will sell the property.
the bankrupcy order was 4k with 20k fees x 2,secured lenders at 16k
the ip has a standard charge on the property 4 and 5,im conserned as the property was valued at 110k before vandalism,morgage was 31k as there is no eqiuty for the ip what happens
if the morgage lender has the keys does the ip have to apply to the court to change the possesion order and will i be notifide of this.
were just concerned that we will be left with a bigger debt then we started with


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ste.s
Junior Member

206 Posts

Posted - 25 January 2008 :  17:49:14  Show Profile  Reply with Quote
well a update to my minefield of a bankruptcy.
the ip cannont be bothered to try selling the property so they have done the worst thing possible against me,they have sent the keys to the morgage company.
the abbey have referred this to a another company to market the property.
it is 3mth off the anaversary of my bankruptcy 3yr and the ip i feel has put a big spanner in this case is this common as the abbey are not comunicating with me with regard to whats going on.
surley the abbey has to go to court to seek possesion of the property as my name is down as the lender.
anyone know who can advise me thanks
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ste.s
Junior Member

206 Posts

Posted - 14 February 2008 :  20:51:03  Show Profile  Reply with Quote
further update to my situation:
i contacted the morgage lender who has classed this as a repossesion,which was incorrect,they suddenly took the property off the market dispite there being a cash buyer.
as my ip wont nothing to do with my property dispite a court order were do i stand as they have a charging order on the property and in has now negative equity?
the morgage lender has told me to redeem my morgage and i get the property back,if i do this can the ip take my house off me again as it is only 2mth of the 3yr anaversary.
what happens to my debt after this 3yrs?.

help needed many thanks
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