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| Julia.51 |
Posted - 15 May 2010 : 11:36:08
hello
Unfortunatelly we have declared ourself bankrupt in Feb 2010 and the property is in negative equity and we have 2 secured loans
I would like some help to understand what is happening if I could have my brother buying the beneficiary interest.
What exactly is happening, what is that he can expect and what will happen to my home after I will be discharged. Will my brother be responsable for the loans and mortgage?
Please help.
Thank you
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| 4 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 15 May 2010 : 15:58:14
Hi Julia
yes if you keep the property you will be responsible for mortgage AND secured loans.
The official receiver may direct you to sell your house if you have considerable equity
If you let the house go as part of bankruptcy you will not be responsible for the arrears , mortgages or second charges.
This is the hard bit, we all want to keep our home as it is a bolt hold for the family, all the emotions, feelings memories that are present are so comforting but if after bankruptcy you have put your self in the same position ie unable to afford to keep paying all of the charges , what have you achieved
easy for me to say as an outsider but lets look at the property from purely a financial perspective, no emotion.
how much is property really worth in the current market place ? (No really worth 90 day quick sale)
How much is the mortgage on the property, total and monthly payment ? (remember the total might be 100K but over the next 20 years you will end up paying closer to 350K)
How much are the secured loans on the property total and monthly ? (again current amount and amount you will end up paying)
The interest rates are at an all time low, it is unlikely that they will stay the same for much longer, so how much do you have to pay out each month before you pay and normal bills ?
Is this affordable ?
now that you know how much it is going to be to stay in the house, visit one of the property web sites example rightmove.co.uk, type in to rent a property in your home postcode and describe your home
Is it cheaper to rent ?
Is it affordable ?
If not make an appointment with your local housing officer and explain your circumstances they should be able to help.. (Richard housing and ONX offer some great cyber advice for accomodation issues).
for the analytical yes we could still take into account the capital appreciation of the property but that is long term thinking rather than now. But ill be generous and say that despite the current property prices most houses will double in value over the next 15 years, is the struggle of trying to pay the mortage and second charges really worth it.
Hi Julia not trying to nag or pressume anything just wanting you to think through what is best for you and your family
regards Richard |
| debtinfo |
Posted - 15 May 2010 : 13:08:52
If you want to stay in the house you need to pay the mortgage arrears and secured loans, if you buy back the Beneficial interest then the OR cant sell the house |
| Julia.51 |
Posted - 15 May 2010 : 12:39:26
Thanks
But what happens to the secured loans and the mortgage arears?
Can the receiver still sell my house?
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| debtinfo |
Posted - 15 May 2010 : 12:19:33
The most common way is for him to buy it for you, basically he is just suppling the fee, the interest in the property is actually being transfered back to you not him. Therefore he has nothing to lose out on |
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