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susie.js
Starting Member
7 Posts |
 Posted - 17 August 2010 : 18:01:41
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| My husband is facing bankruptcy, we have a joint mortage but the equity in the house (Deeds)are in my sole name. Can a house sale be forced or we be forced to remortgage? I pay the mortage. |
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debtinfo
forum expert
2826 Posts |
Posted - 17 August 2010 : 20:33:00
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| It depends on how much your husband has contributed towards the creation of the equity. IE by ipmrovements deposits or mortgage payments. Why are the deeds in your name only and the mortgage in both names and how long has it been that way |
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integritydebthelp
Starting Member
United Kingdom
23 Posts |
Posted - 18 August 2010 : 09:06:54
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The trustee of his bankruptcy will look into how much he has contributed to the mortgage payments and ultimately is does come back to who paid the deposit and how much etc. You will either be asked to prove this or they will find out from the mortgage company themselves. As you live together and he contributes to bills it is seen as though he has an interest in the property.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.” |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 August 2010 : 23:14:45
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Again this is not a black and white situation.
I would really recommend a free phone call with one of the forum experts - they will tell you what you need to research and give you an idea of how likely a claim will be made
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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integritydebthelp
Starting Member
United Kingdom
23 Posts |
Posted - 19 August 2010 : 10:27:05
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I agree with Paul you need to seek advice from debt advisers and companies who specialise in this. There are many available but please do your research first.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.” |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 August 2010 : 12:21:44
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If your husband went bankrupt the OR would investigate the circumstances around the house
When was it purchased /When were you married or together / Why is it in your sole name / What has been his contribution to the household expenditure etc.
If, for example you had a house for a number of years, then got to gether with your husband, you had the major income and have met the mortgage payments, there may be a decisionmade that he has no interest in the equity available in the property, or dependant on time together/contribution the OR may deem your husband 'owns' a proportionate 'shere' in the equity.
I would suggest you get a couple of marjet valuations done and obtain an up to date settlement figure on your mortgage to establish what, if any equity is in question.
In the owrst case scenario - if the OR decided upon your husband having an interest in the available equity - in the first instance they would approach you to make an offer to 'purchase' his share.
Unfortunately there are too many unknowns to your situation to give a definitice answer, but i hope this helps. Melanie
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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My husband is facing bankruptcy,
