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T O P I C R E V I E W
howard.c
Posted - 18 May 2009 : 16:11:44 I have no job and unsecured debts of £75,000. I am defualting on these payments and was considering bankruptcy.
I have a home worth £200,000 and a mortgage of £156,000. I live at home with my wife and dog and my 2 children from my previous marrage come to visit and stay regularly.
My question is this.. what is the likelyhood of me being able to keep my home?
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 18 May 2009 : 20:41:39 Hi
not good on those figures I'm afraid. You need first of all to be sure of the current market value of the property.
Have an estate agent carry out a market appraisal based on a 60 - 90 day sale. Then you will know what you are working with.
Assuming there is indeed £44K equity then in theory the trustee in bankruptcy will force a sale to realise your share (£22K) unless your wife or a 3rd party that you care to nominate can buy your interest in the property for around £19K. Your wife would receive the balance if a sale is forced.
All that said, how do you propose to maintain the mortgage repayments with no income?
One more thing, if you have ever remortgaged since purchase and the funds were primarily for your use it may be possible to argue that your share is less than 50%.
