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Habib.ou
Starting Member
1 Posts |
 Posted - 18 May 2010 : 10:09:05
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hi there
got bankrupt Nov.2008, conditional discharged Nov. 2009
my trustees put my house on market to sell. in one and half a year there was 2 offers(£275,000 and £265,000)
the lender did not agree with offers.(outstanding mortgage is 275.000 plus £4,000 secured loan)
lender got fed up and took me to court for repossession. my trustees have no problem if the house is sold to someone else for 265000 but they are not willing to call it a day and leave me alone with my lender
trustees told me they want £15.000 for their interestif i want to stay in my house and carry on paying my mortgage.
it doesnt make sense to me!! if lender agreed with the offers, trustees wouldnt get anything.
judge gave me 2 months to sort things out.
if i choose to stay and pay my mortgage what will happen to trustees?
is it worth paying £1400 mortgage and £500(per month) to clear the arrears?
any advise would be appreciated
thanks |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 May 2010 : 10:28:17
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Hi
My immediate thought is £1400 per month mortgage and £500 per month arrears if this is afforadable you count rent a Castle for this, perhaps one with a moat and a good view. From what you have said if it were me I would stop paying the mortgage and arrears stay for as long as you can rent free, and then rent privately, you dont even own the screws holding the front door in place, I would walk away. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 18 May 2010 : 12:28:53
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Hi Habib.ou
Your trustee has three years from the bankruptcy order to deal with his interest in your property, otherwise it reverts to you.
His options are to sell the property (which he's tried and so far failed) sell his interest to you or a third party, or apply for a charging order.
I am struggling to see how the trustee values his interest at £15,000 when the best offer for the house wasn't enough to clear the secured loans.
If you can't reach an agreement with the trustee, but decide to carry on paying the mortgage, the trustee could apply for a charging order over your property so that he gets paid when it is sold
This isn't straightforward - he has to prove that he has tried, and through no fault of his, failed to reach an agreement with you for the equity, and he has to prove that there is more than £1,000 equity in the property after allowing for the secured charges, the costs of sale, and the claims of any joint owner - he may have difficulty doing this.
It may be better for you to seek advice - firstly with regard to negotiating the trustee's interest, and secondly with regard to whether, as Daniel Griffiths has suggested, it may be better to walk away
I have to say I'd probably agree with him in the circumstances
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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judge gave me 2 months to sort things out
