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Loz.55
Starting Member
12 Posts |
 Posted - 10 January 2013 : 17:30:53
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| Hi If a trustee is selling a property will they go for market value or lower - how does it work ? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 January 2013 : 18:48:02
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Hi and welcome.
Not sure about this - hopefully Viki will be along later to advise. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 11 January 2013 : 08:47:11
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They will try and get the best price possible.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Loz
Starting Member
15 Posts |
Posted - 11 January 2013 : 09:46:45
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Many thanks. What about if they are looking for a quick sale? Also who, until the property is sold, is responsible for the mortgage and securred loan repayments?
My ex is bankrupt and now that the first year has passed his trustee is applying for an order of sale and possession to get me and out two children out of the property. This will leave us homeless. My ex has not lived in the property for over 3 years neither has he paid anything towards the mortgage and securred loan during the that time. |
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bobi
Starting Member
49 Posts |
Posted - 11 January 2013 : 14:45:34
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quote:
Originally posted by Loz
Many thanks. What about if they are looking for a quick sale? Also who, until the property is sold, is responsible for the mortgage and securred loan repayments?
My ex is bankrupt and now that the first year has passed his trustee is applying for an order of sale and possession to get me and out two children out of the property. This will leave us homeless. My ex has not lived in the property for over 3 years neither has he paid anything towards the mortgage and securred loan during the that time.
I'm sorry to be harsh..when I declared bankruptcy i knew that im going to lose everything...what you expected ??..just deal with it and look for home for rent..housing benefit will help you...ex not ex...if the house was his house is going to be sold.... |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 January 2013 : 15:53:52
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| Is the mortgage and the secured loan in joint names? If it is then you will (as far as I am aware) be responsible for that debt as well even though the shortfall will be included in his BR. |
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Loz
Starting Member
15 Posts |
Posted - 11 January 2013 : 16:12:24
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So once I have vacated the property and until it is sold I still have to make the payments? Surely as its a jointly owned property it should be split between me and him/his trustee?
And Bobi that is harsh. I am not bankrupt -he is and he hasnt' lost anything he walked away from it all years ago and hasn't paid a bean since he left so how is he not an ex - me and the kids are losing our home! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 11 January 2013 : 16:44:44
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Hi Loz,
How much equity is there? I presume the trustee has offered his share to you?
Sorry you are in this situation. You need to keep up on repayments to the mortgage and secured loan to stop them from repossessing as you don't know when the house will be sold. But if it's definitely going to go, then sort out alernative accomodation asap.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 January 2013 : 17:06:58
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| Agree with Viki - sorry it has come to this but you do need to sort out alternative accommodation. |
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RHB
Senior Member
1159 Posts |
Posted - 13 January 2013 : 10:05:26
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| Have you had it valued? Can you afford to pay half of the equity to the trustee, they may well accept a lower offer if it avoids court costs. |
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Loz
Starting Member
15 Posts |
Posted - 14 January 2013 : 13:30:20
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| After the mortgage and securred loan are paid there will about £80K equity so £40K each. I originally offered £16K which then took into account the capital repayments I had made towards the loan and mortgate, this would also have left me with the loan. A loan that was for £36K of which the bankrupt had the benefit of £30K and I only £6K! (which I can prove as the loan company paid his creditors directly by cheque.) She refused and wants the £40K. I cant remortgage for this amount. |
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RHB
Senior Member
1159 Posts |
Posted - 14 January 2013 : 19:21:38
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| Offer what you can afford & see what happens. |
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Loz
Starting Member
15 Posts |
Posted - 15 January 2013 : 09:43:51
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| I did, I offered £16k which takes into account the capital repayments plus leaving me with the whole securred loan but this was refused so its off to court as I have no other option now |
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RHB
Senior Member
1159 Posts |
Posted - 15 January 2013 : 12:08:43
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| Well if there is 80k equity then whatever happens you will have enough for a deposit on another house. FWIW if you could squeeze up to nearer 20,00 I think you would be in with a better shout but let us know what happens. |
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Loz
Starting Member
15 Posts |
Posted - 15 January 2013 : 16:12:17
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| I will I am going to try and fight this as its very unfair that we lose our home through no fault of ours other than that fact that I can't afford to buy his benenficial interest! |
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RHB
Senior Member
1159 Posts |
Posted - 15 January 2013 : 17:14:40
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| I agree but from the other side of the coin your ex has assets (ie the half of his house) & debts & the only way to pay off those debts is to realise his assets. What is the very most you could go to? |
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Topic |
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Hi If a trustee is selling a property will they go for market value ?
