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| ray.my |
Posted - 06 February 2010 : 09:08:24
If you have a joint mortgage and then declare bankruptcy do you lose your house, I can not make that out with the info above. |
| 3 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 06 February 2010 : 11:55:31
If you have £45k equity then the OR would want to release your 50% share of this.
As Richard has mentioned the OR could force a sale of the property.
How much are your debts? Would you be able to pay off all of your debts if you sold the house? I know this isn't an ideal situation but with that much equity in the house it may end up being sold anyway. |
| ray.my |
Posted - 06 February 2010 : 10:18:26
quote:
Originally posted by Housing
Hello Ray,
Welcome to the forum.
You do not necessarily need to lose your home to bankruptcy.
Is the house jointly owned? Yes
Is there any equity? yes £45K appx
Is it just one of you to file for BR? Yes
If there is little or no equity, then the OR will have no interest in the property.
Upon BR, your share of the property will vest with the OR.
If you have a negative equity position, then your jointnowner (I presume your partner) can buy the BI from the OR for £1.00, plus the OR solicitor costs of £211.00 - total £212.00.
It is a deed of assignment drawn up bt TFT the ORs solicitor, drawn up in the OR and the purchasers name. A simple matter that you do not need a solicitor.
If there is some equity, then you agree a value with the OR and 50% of the positive vaule is paid to the OR (and the £211.00 conveyance fee)
If there is a lot of equity then the OR could force a sale and the proceeds that were previously yours go towards your creditors.
The OR will contact you after about three months into your BR about this. If you think you would be interested in your partner buying the BI, she could write to the OR and put a marker on your BR file.
In essence, if your partner does not buy the BI, then the OR has up to three years to deal with that aspect of your estate. This could mean with a rising market, that a forced sale happens.
Hope this assists, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!)
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| Housing |
Posted - 06 February 2010 : 09:53:21
Hello Ray,
Welcome to the forum.
You do not necessarily need to lose your home to bankruptcy.
Is the house jointly owned?
Is there any equity?
Is it just one of you to file for BR?
If there is little or no equity, then the OR will have no interest in the property.
Upon BR, your share of the property will vest with the OR.
If you have a negative equity position, then your jointnowner (I presume your partner) can buy the BI from the OR for £1.00, plus the OR solicitor costs of £211.00 - total £212.00.
It is a deed of assignment drawn up bt TFT the ORs solicitor, drawn up in the OR and the purchasers name. A simple matter that you do not need a solicitor.
If there is some equity, then you agree a value with the OR and 50% of the positive vaule is paid to the OR (and the £211.00 conveyance fee)
If there is a lot of equity then the OR could force a sale and the proceeds that were previously yours go towards your creditors.
The OR will contact you after about three months into your BR about this. If you think you would be interested in your partner buying the BI, she could write to the OR and put a marker on your BR file.
In essence, if your partner does not buy the BI, then the OR has up to three years to deal with that aspect of your estate. This could mean with a rising market, that a forced sale happens.
Hope this assists, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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