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| T O P I C R E V I E W |
| celticchickadee |
Posted - 29 June 2008 : 09:51:43
Do you always lose your home in bankruptcy? If there is little equity in it is there any hope of keeping it?
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| 4 L A T E S T R E P L I E S (Newest First) |
| julie08 |
Posted - 29 June 2008 : 18:29:00
hi celticchickadee dont despair , my trustee wanted my half of the equity in our joint owned property ,i thought it couldnt get any worse as i desperatley didnt want to have our home reposessed , my husband bought my half and paid the trustee off he had to put 8k lump sum and 200 per month |
| Skippy |
Posted - 29 June 2008 : 14:06:12
Hi celticchickadee and welcome to the forum. It's possible to get a partner, friend or relative to buy your share of the beneficial interest in the property which would allow you to keep your home.
If the property is in negative equity they can usually buy this from the OR for a nominal sum of £1 plus solicitors fees. If there is equity they would need to make an offer to the trustee for the value of the equity.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| debtfreesusie67 |
Posted - 29 June 2008 : 12:34:15
Hi celticchickadee
welcome to the forum. Is the house in joint names and as DM said how much equity is there?
An expert will be along shortly to answer your questions and to give you more advice.
Hugs
Sue
The only way is up
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| Trolly-Dolly |
Posted - 29 June 2008 : 09:55:41
I'm really not sure, how much equity is there? What percentage of the mortgage is paid off?
I think we can keep our home as there is £2000 in negative equity. Lots of people on here have given up their homes and very few seem to regret it. They see it as a fresh start with no pressure. It may seem daunting and scary at first, but after a while many say it has lots of benefits. |
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