equity in house about to go to court for sale or repossession?
Tuesday, June 29th, 2010 at
4:01 pm
this is a tricky 1 , i bought a house 10 yrs ago and let it go to voluntary repossession, it sold , i buried my head in the sand moved on married and got a mortgage with my husband , now the trustee in ancruptcy has put a charge on our home and are trying to reposess , they say they want my share of equity in the house which totals approx 15,000 , how does my husband raise the money when there is a charge on the house , does this affect his credit rating , would a judge really repossess even though they want 15 grand my home is valued at 100 grand , it goes to court very soon , i am ill with worry
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Tagged with: Credit Rating • Head In The Sand • Trustee
Filed under: House Repossession
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It may not be what you want to hear but your creditors are entitled to be paid and you have the means to pay them
Just bad luck that your assets are in property rather than cash.
It can’t affect your husbands credit rating because he is not being pursued.
Either you or your husband has to try to remortgage to get the cash, or alternatively sell the house, repay what you owe and downsize.
When you bought your house that sold 10 years ago you entered into an agreement to repay that mortgage. In the terms and conditions it would have said quite clearly that if the house was repossessed you would have been liable for the shortfall. You did the same as many other thousands of people did in the last recession- you ran away. Even worse, you failed to declare it to your new mortgage lender – bear in mind that your current lender may decide to take action against you for failing to declare your previous mortgage.
The thing is that these old debts have now been bought by debt collectors and the majority of you will be tracked down and made to repay your debt.
It is only fair to the millions of people who repay loans, mortgages etc., – otherwise everyone would be walking away from their debts.
Do you know, it is because of people behaving the way you did 10 years ago that our mortgage/banking market is in the state that it is?
yeah they can come after you because of the fact that when you bought the hosue you did with your husband – you now own half of that so the previous lender basically wants your half of the new house (in value) and yes they can go after it & get it – I’d suggest you refinance – or file bankruptcy (individual) good luck
I sympathise, and hope you told your husband about this potential skeleton in your closet! at the end of the day if you have the equity then 15k is not the end of the world. Take it on the chin, re-finance and move on. In my line of work I see people in a lot worse situations.