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baxter
Starting Member
5 Posts |
 Posted - 20 April 2009 : 22:00:30
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| being made bankrupt by creditor .behind with mortgage payments ,will mortgage company reposess when i get made bankrupt, i have susspended possession order up to date with it about 3 months arrears left. |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 April 2009 : 22:25:15
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Hi
any bankruptcy, in itself, will not affect your right to keep the property provided you continue with the repayments and the lender is happy with the settlement of arrears arrangement.
However, any equity in the property is at risk.
If your share of equity sum (your beneficial interest) amounts to a figure that neither you nor a nominated 3rd party of your choice can raise then the trustee has the power to force a sale.
John White
England Jackman & Spacey |
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baxter
Starting Member
5 Posts |
Posted - 22 April 2009 : 14:27:51
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| reason for question is reading mortgage booklet conditions says if you enter into iva,bankruptcy,lender can request funds to be returned is this in all mortgage conditions.i have about 40000equity in property ,only me being made br/ if wife wants to buy beneficial interest how long would they give her to raise funds. |
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baxter
Starting Member
5 Posts |
Posted - 26 April 2009 : 04:21:39
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| thanks for your reply john, really worried about losing house ,has anybody had there home repossessed by lender for going bankrupt,citizen advice advised me thats its possible, just need clarification.this site is brilliant for imformation i ve learnt so much correct information from people thats been there. |
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rumbletumble
Starting Member
United Kingdom
17 Posts |
Posted - 26 April 2009 : 09:23:47
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Hi Baxter
I just wanted to reasure you that the question you asked was one that worried the hell out of me when i declared bankruptcy, but our mortgage company agreed to our repayment of the arrears and when i asked about the bankruptcy they said it was not a problem as long as we manage the normal repayments and arrears and keep them informed if we end up struggling. Obviously it would be a little harder to obtain a mortgage anywhere else at the moment but that is not just in the case of bankrupts but all people.
As for the equity we recently bought ours back from the OR and so have kept the house so just letting you know that its not all doom and gloom there is hope out there.
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baxter
Starting Member
5 Posts |
Posted - 26 April 2009 : 12:59:11
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| thanks rumbletumble for your quick reply probably worrying to much but when its the family home you need all the information you can get at this time. |
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rumbletumble
Starting Member
United Kingdom
17 Posts |
Posted - 26 April 2009 : 13:21:57
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Hey Baxter
I know what its like, im only a few weeks now till discharge and i had so many questions before i finally plucked up the courage to go through with it, but if its any consolation it was one of the best things my wife and i could have done.
No one wants to lose their family home but my advice is cross each hurdle as you come to it and be as armed as you can.
We all need friends at this time in our lives.
James. |
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baxter
Starting Member
5 Posts |
Posted - 02 May 2009 : 16:48:20
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| if i have about 20000 equity to pay from property how long will i be given to raise funds i live with my wife, son 19, daughter 18, both working.will i get 12months befor they try to sell house,would they let me pay equity in instalments over the 3 years as with the ipa. |
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being made bankrupt by creditor
