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Keeping the House After Bankruptcy
Mar 10th, 2008, 11:30am
Hi Guys ... I need a bit of expert advice.
If we can turn the business round (and of course there's still a possibility that we can't) then we would like to keep the house as it would be difficult to find rented that we could work from.
I spoke to the OR and he said they would probably do a drive by valuation and if there is nominal equity then I could buy out the beneficial interest.
The housing market has all but crashed up here ... It is one of the top places in the country for re-po's, which given it's small population is bad.
We owe nearly 200K on the mortgage but also have a secured loan for 30K. What would happen to the secured loan if the property only came in at a value of 195 say
Thanks Peeps as ever ~x~
bing
Administrator
Re: Keeping the House After Bankruptcy
Reply #1 - Mar 10th, 2008, 11:46am
As far as I'm aware, if you choose to keep the house, then you also keep the secured lending. The only way do dump it is to give up he house.
This is my guess. Might be worth chatting to your OR if he's the chatty type?
bing
Administrator
Re: Keeping the House After Bankruptcy
Reply #2 - Mar 10th, 2008, 11:47am
But you already went B..... Hmmmm..... not sure on this one.
Guessing you can't go B again....
awaywiththefaeries
Topic Starter
Gold Member
Re: Keeping the House After Bankruptcy
Reply #3 - Mar 10th, 2008, 11:53am
Cheers Bing ... I haven't spoken to him since the interview to be honest ... I'm sure I remember Brin mentioning something along the lines I've suggested so I just thought I'd ask to see if any clever peeps know.
I've been meaning to ask it for ages but kept forgetting. The thing is that if that was the case then it would be worth trying extra hard to keep the house because it would save an extra 400 per month
I'll leave it up here for now if that's OK and if no one knows I'll just have to phone the OR ~x~
dawny35
Full Member
Re: Keeping the House After Bankruptcy
Reply #4 - Mar 10th, 2008, 4:54pm
hi hun
My understanding is that if you wish to remain in the house you have to pay the mortgage and any loan secured on it otherwise a repossession order can be sought by the lender.
I know its crazy when the lender cant extract any money from the sale but this is what first plus told me. Its like a computer says no mentality. However i guess every case is different and could be argued in court if need be.
D x
mand05
Gold Member
Re: Keeping the House After Bankruptcy
Reply #5 - Mar 10th, 2008, 7:08pm
I hope this information helps hun
Re: Keeping the House After Bankruptcy
Reply #6 - Mar 10th, 2008, 9:02pm
Quote from awaywiththefaeries on Mar 10th, 2008, 11:30am: Hi Guys ... I need a bit of expert advice.
If we can turn the business round (and of course there's still a possibility that we can't) then we would like to keep the house as it would be difficult to find rented that we could work from.
I spoke to the OR and he said they would probably do a drive by valuation and if there is nominal equity then I could buy out the beneficial interest.
The housing market has all but crashed up here ... It is one of the top places in the country for re-po's, which given it's small population is bad.
We owe nearly 200K on the mortgage but also have a secured loan for 30K. What would happen to the secured loan if the property only came in at a value of 195 say
Thanks Peeps as ever ~x~
TCS
Newbie
Re: Keeping the House After Bankruptcy
Reply #7 - Mar 10th, 2008, 9:12pm
If your house is in negative equity then the OR will not be interested in it. However the OR does have 3 years in which to sell your property and even at the end of that time can still put a charging order on the property. This means if you come to sell in the future any equity will be used to pay your creditors.
If you give up the house your mortgage and secured loan become part of your bankruptcy estate and your secured creditors cannot come after you for any shortfall after the sale of your property.
awaywiththefaeries
Topic Starter
Gold Member
Re: Keeping the House After Bankruptcy
Reply #8 - Mar 10th, 2008, 9:20pm
Thanks Guys for your help
My main point though is about if the house only comes into value for the loan of the 1st charge mortgage company ... I'm sure I remember something about if that happened then the second charge would become unsecured ... I'm probably wrong but was just interested in other peeps knowledge/experience.
Thanks again peeps ... you're the best ~x~
bing
Administrator
Re: Keeping the House After Bankruptcy
Reply #9 - Mar 11th, 2008, 7:41am
So what would happen if you walked away from the house now? Could you effectively be 50k in debt?
awaywiththefaeries
Topic Starter
Gold Member
Re: Keeping the House After Bankruptcy
Reply #10 - Mar 11th, 2008, 10:17am
Hi Bing
We always knew that if the business didn't work with the reduced overheads then chances are I'd be facing bankruptcy again as soon as I was discharged
What we didn't bank on was the extreme downturn in sales caused by the economy in general
At the moment we're working twice as hard for half the return ... we're probably looking at odds of 50/50 of making it ... OR NOT ~x~
confused.com
Gold Member
Re: Keeping the House After Bankruptcy
Reply #11 - Mar 11th, 2008, 10:24am
Hi Away
Sorry you're still struggling - I think most people are (but that doesn't help you).
Brin is obviously really busy at the moment but you do have his numbers - why don't you give him a call? I'm sure he'd be more than happy to help an old friend!
You're paying your mortgage now but assume you're not paying secured loan? Have you spoken to them to find out what implications are?
I really hope you're able to see some light soon.
Thinking of you.
pinkminkee
Gold Member
Re: Keeping the House After Bankruptcy
Reply #12 - Mar 12th, 2008, 2:02pm
away, i have to say the best decision me and my OH made was to agree to give up the house (just like everyone advised me right at the start lol)
there is a big fear that we may not find somewhere suitable to rent, eg, long term, big eonugh, where we want it to be. but the pros far outweigh the cons..........in as much as we will save ourselves a fortune in not having to pay the mortgage and the secured loan.
we have given ourselves 3 - 6 months to save as much money as we can in order that we can then say to any potential landlord, here we can give you 6 months rent in advance, plus plenty of time to find somewhere. we have the building society on side, so to speak and we dont give a stuff about the secured loan company.
I remember you saying how difficult it would be for you to find somewhere else to live, but please believe me when i say, IF you and your OH decide to give up the house, there comes with it such a feeling of relief.
as far as business goes, i have had yet another slump in business, so much so that I am now thinking my best bet is to try to find a position in employment, if I can, at least it would give some sense of stability in my pay. My partner has had his pay rise confirmed and even tho wont be getting it for another few months, there is something to look forward to.
Whatever you decide to to Away, it will be the best decision you can make for your circumstances at that time.........none of us can predict the future, except maybe that we are going to be a lot worse off in our personal finances, before the country in general improves, the way i see it so what if i am lining the landlords pockets, at the moment i am lining the mortgage and secured loan companies pockets
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