Ownership

[mish1953]

a puzzle .. serious question tho'

I went BR in July 07 - early discharge in Dec 07.
There was equity in the house , but now there isn't
The title deeds are in my name, but I was 'possessd' in Jan08 due to the trustee wanting to realise the equity . I have been renting since jan 08.

Now the trustee cant sell the house for anything like the amount that they need, my mortgage lender says that as I am still the owner and as far as they are concerned that if the trustee remove the possession order I can move in and pay the mortgage. They will then take out a possession order but that I can live in the house as long as I pay the mortgage - its the same amount as Im paying in rent ..

The mortgage lender are being super nice - they know that the house now has negative equity - and this way they get their mortgage and the security of a possession order.

Does anyone know the legal situation here ?

I dont want to have to move back into the old house, but am I still liable for it ?

thanks
Mish - the confused scotsman[8D]

[MelanieGiles]

Mish

I cannot see the logic of you moving back into that property just to have a possession order continually hanging over your neck leaving you in an uncertain position.

The shortfall (if any) us captured under the bankruptcy proceedings, so I would stay where you are and enjoy the company. How are you all getting on by the way? Sproglette left school yet?

[mish1953]

[:)]

Thanks Melanie,

Daughter doesnt go to School at all anymore - she does it all on-line see www.notschool.org - techie house ! She's good, enjoying the education and looking forward to leaving 'school' next year - shes desparate to get a job .

The house thing is worrying me a little as the trustee has not made it clear about the ownership - Im still on the deeds. I really , really don't want to move back there.

I havent been around much due to a family funeral in Scotland and a painful encounter with kidney stones .. yuk [:0]

It's going to get interesting here .. Im going to inherit a wee bit of money - luckily as Im discharged the OR wont be getting a sniff.. so Im thinking along the shared ownership lines .. it wont be enough to buy somewhere outright due the differences in house prices between Scotland and Suffolk.

Slainte
Mish

[MelanieGiles]

What a fab site! Why didn't they have that when we were at school! Do you actually get her to sit for 7 hours a day studying on her own?? Wow!

So if you are going to buy another house, why not buy your old one back? Or do you feel the need for a complete fresh start?

[mish1953]

[:D]
Oh nooo -- not 7 hrs a day , but 3 or 4 most days but she also does 'school' work on saturdays, and doesn't have school type holidays - she still does it in the summer ! Sometimes at 2 am ! She is pretty good and is also doing some college work.. long may it last .. she hated conventional school.

I really want a fresh start, the old house has too many memories, is in a pretty crap location ( chippy next door ), miserable neighbours, and is in poor general condition.

Im seriousely thinking about the shared ownership thing - part buy / part rent , I wont be able to buy outright and I would like to avoid getting a mortgage - quite a lot around her and Im a key worker.

Slainte
Mish

[MelanieGiles]

Go for it! I am a big fan of shared ownership, so long as you do not want to use equity in the future to pay off debts (which I am sure you will not!!).

Try and find one of the schemes which do not involve paying rent - I think you have to buy over 65% percent but I could be wrong. It will be great to see you back on the housing ladder again Mish, as you will have turned a full circle and that is what financial rehabilitation (or bankruptcy!) is all about.

[animaleyes76]

I thought about s/ownership but found that every housing association was tied to about 3 mortgage lenders, none of whom would lend to someone in an IVA. Gutted.

I have no equity clause as I don't have a house, not sure if they would want to add one if i did buy...

It's really annoying as i'm paying £775pm in rent for a one bed anyway and coould easily afford a mortgage.. Ho hum.. 3 more years maybe... That will teach me hey lol

[mish1953]

Hi folks

well it happened - the Trustee has told me that they are re-vesting the house to me and the mortgage lender, N/rock .

N/Rock seem to be a little confused, they are saying that I am now in mortgage arrears as I havent paid my m/gage since Jan - that would be because the Trusteee told me to get out out of the house and I have been renting ..

Now that the Trustee has released the house I guess that im going to have to surrender it to N/rock - its in negative equity now so I betcha that N/rock try to recover the difference from me ..

I've been discharged for 6 months now -- it'll all settle down eventually.

Have a good weekend folks
Mish

[freelili]

Mish

Its great to hear from you, fantastic in fact. I hope youre over the stones encounter, nasty little beasts they are...my ex, rolled round in agony.... etc.

Anyway best of luck, in whatever you decide...

[MelanieGiles]

Mish

The shortfall is an unsecured creditor in your bankruptcy, so NR cannot pursue you for any further debt.

[mish1953]

Thanks Melanie,

as suspected I got a letter from N/rock this morning saying that they will pursue me for the diference between the outstanding mortgage and the amount that they manage sell the house for.

You just have to give them points for trying [:)]

I also got a proper letter from the trustee with a certificate re-vesting the property to me from 19/7 - Ive never been sent a vest before [:D]

Slainge
MIsh

[kallis3]

I hope it was a nice vest!!!!!!

[Moneystinks]

I hope it all works out for you Mish.. To be honest I am totally confused.

Although, the shared ownership thing I know a little bit about. My first house was shared ownership and ws great! We moved to consolidate our debt in the form of a mortgage with Northern Rock - it didn't work......we were also misinformed but we did sign the papers so we take full responsibility. The guy who'advised' us (I use this term loosley) was fired part way through our move and we weren't told why until I had a hissy fit, we were told he had been wrongly informing people of their financial situations and was not adhering to policy although they also stated our case was dealt with correctly. I sincerly dooubt it but it was all too late anyway as we had signed and I also go ill - Bells Palsy so wasn't up to fighting it.

Good Luck. X

Oh back to the shared thing. It was really good I loved the house the neighbours were great and any probs the housing association sorted. They paid buildings insurance we paid the contents. The rent was quite high but we also had theoption of staircasing, buying further percentages of the property until we owned outright.

Good, Good, Good.

If only.......

But hey I wouldn't be the person I am now if we had stayed put.. Everything happens for a reason. X