LIVE WITH MY PARTNER WE HAVE A 3YR OLD CHILD AND WE ARE SINKING IN DEBT WE WOULD ECLARE OURSELVES BANKRUPT TOMMOROW IF WE COULD BE CERTAIN WE WOULDNT LOOSE OUR HOME WE HAVE A MORTGAGE AND NO EQUITY IN OUR PROPERTY WHERE DO WE STAND.
If you are sure you have no equity and can afford to pay any mortgage and secured loans then you will be able to buy your interest in the property back from the OR for £1 plus costs £200-£500
hi and welcome to the forum if there is definately no equity, get 2 or 3 valuations from estate agents for the value. and the cost of the mortgage /secured loan are not excessive in the eyes of the OR for the size of property and area it is in and you can afford the payments. normally the OR will sell back to you the BI in the property for £1 plus £211 joint mortgage or £1 plus £495 for sole owner
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
Make sure when you get the valuations you ask for a 'quick sale' price. just tell the estate agents that you have a job in another part of the UK and need to move quickly. This will reduce their valuation and should ensure you are definitely in negative equity and the quick sale price is also the value the OR will use.
The monthly cost of the mrotgage and the secured loans would have to add up to less than 50% of the hosuehold income or the OR may look at the cost of renting an average property in your area and if this is less than you are currently paying out each month may advise that it would be in your better interests to surrender back the property with the shortfalls on the mortgage/secured loans coming into the bankruptcy. There would be no point struggling with excessive monthly commitments on the mortgage and secured loan if they were deemed to high. If the monthly payments are affordable the OR would offer the purchase of the beneficial interest back to you for £1 each plus £211 costs, but you must not be in arrears on the mortgage or secured loan
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
It may be worth your while to have a chat to an Insolvency practitioner (see www.iva.com - a review site, and select from there or look on the experts button on the left hand side of this screen, each of us on there would be happy to help you. A full appraisal could be done of your current financial situation and full free advice given as to what are the best options available to you and any potential problems such as the home fully explained
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
We are sinking in debt
Posted - 19 November 2009 : 21:31:35
