Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

[mike864]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Just what I was looking for, we were discharged [wife & I] March 2016 & I had a meeting October last year with my Trustee with a view of doing a deal.

We have very little equity in the primary residency in my view, I have dealt in property for over 25 years & the house has history of subsidence we tried to sell in 2010. Agreed sale with 3 different couples, all pulled out when they found out that the property had been underpinned [1993].

I have told the Trustee this but he seems to think that their is £45,000 equity, less £10,000 for legals etc so he said he would accept £35,000 - no s%%t!

I offered him £5,000 7 left it at that.

My position is what will he do now? Wait & see [appreciate they have a further 2 years to take action] or go back to the table?

I have considered getting a valuation based upon the history & an agents view bearing in mind the previous subsidence &/or a building surveyors opinion.

Would be interested in anyone who has been in same position.

Mike864

- - - Updated - - -

thanks to michmar72 for pointing me in this direction.

[mike864]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Hi

just wondering whats happened to everyone, here to offer help & support.

Mike864

- - - Updated - - -

thanks to michmar72 for pointing me in this direction.[/QUOTE]

[charitynjw]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Hi mike864

just wondering whats happened to everyone, here to offer help & support.

Anything in particular?
Perhaps I can find a suitable person.

[mike864]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Hi mike864



Anything in particular?
Perhaps I can find a suitable person.

Nothing in particular, you may have noticed that I have just looked at the site & see that there hasn't been any further posts...

Strange I thought as some seemed desperate for a solution.

Personally, I have got 15 months left of the 3 years whereby the trustee can grab a chunk of cash from our home or force me to sell so I guess I am getting prepared for the battle ahead of us.

Pertinent questions such as:

1. do i continue to pay the mortgage?
2. What happens if they force a sale & the cash raised doesn't cover the outstanding mortgage, who is liable for any shortfall?

Basically just mor s*** continuing.

Best

Mike864

[charitynjw]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Nothing in particular, you may have noticed that I have just looked at the site & see that there hasn't been any further posts...

Strange I thought as some seemed desperate for a solution.

Personally, I have got 15 months left of the 3 years whereby the trustee can grab a chunk of cash from our home or force me to sell so I guess I am getting prepared for the battle ahead of us.

Pertinent questions such as:

1. do i continue to pay the mortgage?
2. What happens if they force a sale & the cash raised doesn't cover the outstanding mortgage, who is liable for any shortfall?

Basically just mor s*** continuing.

Best

Mike864

Hi Mike

I'll give [MENTION=27588]meellis[/MENTION] [MENTION=4775]Sparkie1723[/MENTION] & [MENTION=42565]Fred[/MENTION] a shout.
[MENTION=49370]Kati[/MENTION] & [MENTION=6]Amethyst[/MENTION] may also be able to help or point you in the right direction.

[meellis]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Sorry Mike, I didn't even realise there was even any more posting on here after the original poster had stopped. I have only posted on my experience but one thing I did do was made sure I didn't make the property more attractive and increase its value. I would never recommend not paying the mortgage, especially in your position, because you will never get another one and if there is equity in the property then the mortgage company will be after it and they would be entitled to it before the trustee. The trustees are only after equity so they will not force a sale for a loss, the mortgage company will and any shortfall there would become a new debt because it is after the bankruptcy. Are the trustees still pursuing a solution or are they quiet? The answer to that will inform you a bit about how much they feel it is worth them pursuing it. Personally I would feel that if they haven't been beating down the door for a solution then they probably feel there isn't much in it but that is my personal view. The reason they have to deal with it in three years is that they are not allowed to speculate that the property value might greatly increase or the equity greatly increase over a longer period of time. I understand how difficult it is but if they aren't pestering you let sleeping dogs lye and be prepared in case they come back.

[Sparkie1723]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Is there any possibility you can prove that you paid more than your boyfriend such as from your bank statements ....your bank can provide copies of your statements from day 1 ............they will most like charge you for this but if they would show what you paid over and above you half contribution it will be in your favour, I do not have the experience of Bankruptcy, but I think it would assist you if you can get evidence from your bank ..........but as meellis says do not stop paying the mortgage...........all the time and the payments you make will point to the fact that you do have a bigger stake in the property........if the trustee wants the equity share of your partner/boyfriend you argue that the trustee would need to compensate you for the payments your boyfriend should have made to maintain his 50% share.
This is just my opinion and what I would argue it may fail but any argument should be tried.
Sparkie

I have no legal qualifications and what I have posted is only my personal opinion which could be wrong only something to think about

[mike864]

Re: Hello - Need Help With Making An Offer To Purchase Bankrupt's Share Of Property

Thanks for the response Meellis, like I said I was surprised that there were no more posts, strange or maybe not!

I take your point about not paying the mortgage & that this would become my personal debt after bankruptcy but. it could work in my favour.

If the trustee forced a sale then as you state the bank has the 1st charge & will take the cash to repay the mortgage & any arrears, thereafter then the trustee can fill his pockets so to speak - that is if theres anything left!

I could protect my position by merely keeping what I ought to have paid to one side to cover any shortfall if that occurred.

An issue which bothers me & one which I have asked the trustee is, what if a forced sale fails to cover the o/standing loan?

Who then would be liable for the shortfall? [assuming this isn't arrears].

Surprisingly the trustee has side stepped this question!

Received a letter last week from the trustee requesting redemption fees & copy insurance so I am guessing they are getting their case ready to attack me again - happy Christmas!

Mike864