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indy2005
Junior Member
458 Posts |
 Posted - 30 May 2009 : 10:06:27
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Hi,
3 years ago the mortgage was around 150K.
This year, in January we have two figures from the mortgage company stating 2 figures. One figure is 144500, the other is 150,000 (ish).
The higher figure is the figure with early settlement, and has the redemption figures in. The house is in my wifes name as I took my equity out to pay debts.
The OR may argue that I have contributed to the reduction in capital over the last 3 years. THis comes to 6K or zero depending on which figure you use.
I have a few questions:
1) Can my wife use the 150,000 figure - as if the house were taken or forced into sale, this is what we would have to pay. This means a zero BI.
2) Does my interest stop accumulating at the point of discharge - i.e. I dont have to worry about payments I make towards the household now building up further equity.
3) As I am recently discharged, can they say "well we'll wait until there isnt a redemption to pay", or do they have to base their BI calculations on what the situation is up to the point of discharge. i.e. at that time, my wife would have to settle with the mortgage provided to the tune of 150K.
Thanks
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Beneficial Interest Question
