a few years ago I joined a friend's mortgage

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Joskin
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by Joskin » Fri Jan 15, 2010 12:27 pm
I rent my home, but a few years ago I jioined a frined's mortgage in order to help her out after she adopted a little girl. There is no equity. I am on a DMP with £29 a month. This situation is wearing me down, I constantly worry about making ends meet. Can I go bankrupt, would my friend's property in danger? Many thanks

 

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Michael Peoples
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by Michael Peoples » Fri Jan 15, 2010 12:59 pm
Hi Joskin and welcome to the Forum.
Your friend should be fine but it would need to be shown that the mortgage was always paid by her and any deposit came from her funds. It may be worth seeking a meeting with your local official receiver prior to going bankrupt and explain the situation. Your friend should also obtain independant legal advice.

 

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MelanieGiles
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by MelanieGiles » Fri Jan 15, 2010 8:56 pm
As there is no equity in the property, this is hardly an issue to worry about - but if you feel better seek some legal advice from an insolvency lawyer. I doubt that you will be able to meet with the OR - they deliberately avoid giving advice to members of the public about insolvency issues.
Last edited by MelanieGiles on Fri Jan 15, 2010 8:56 pm, edited 1 time in total.
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