Joint Mortgage and my husband buying back my interest?

[tastyjane]

With the threat of Lowell's hanging over me, me and my husband have spend most of the weekend discussing the reality of my situation. I have circa £45K worth of debt and very little chance at the moment of paying back more than a small amount each month to each creditor. I work part time due to having a 4 year old and also full time jobs around here in my line of profession are few and far between and I would struggle with the increased childcare costs.

The only asset I have is my joint ownership in our house - we bought it in 1996 for £190,000 and have a £185,000 interest only mortgage. An identical house sold for £200,000 in 2009 (just a couple of houses away) Zoopla estimates that this house will now be worth around £185,000.

Our biggest fear is that we lose this house; George is very settle here and we have never missed a mortgage payment (mortgage is with Bank of Scotland).

I wonder if anyone can explain whether we would be forced to sell the house? What happens with lenders if I was to be made bankrupt? Someone has mentioned to my husband that he should be able to buy out my interest in the property and that the title could be transferred to him. How is my interest worked out? Obviously there is not much equity, if any, in the property at the moment - in fact we could be in negative equity. Would he automatically be offered the opportunity to buy my interest? If this was the case it might actually be best for us for me to let Lowell's pay to make me bankrupt I think? Am I being stupid, should I fight it at all costs? I just spend so much of my time worrying if this was a way for the worry to go without losing our home I am very tempted to explore this option further.

Where is the best place to go for advice? I cannot go to our local CAB - long story but my ex husbands new (and now ex) wife works there and the thought of her knowing my business stops me even walking past there!

Any help or advice would be much appreciated.

Jane x

[PriorityOne]

Re: Joint Mortgage and my husband buying back my interest?

Before we go any further, please answer the following:

What kind of debts do you have; secured unsecured, credit card, loan, anything else?
How much of this debt is with Lowell and what are they threatening?
Have you been issued with court papers for any of this debt? Are you making any payments at the moment?
How old are these debts?

The situation you describe is too vague to answer at the moment. Unless any of your debt is secured against your home and you are up to date with mortgage payments however, then there's no immediate threat to your home at all.

[pompeyfaith]

Re: Joint Mortgage and my husband buying back my interest?

Yes even with a Charging Order it does not mean a forced sale in comparison very few forced sale orders are given out my civil courts and is indeed seen by judges as a very last resort.

I would explore all other avenues first before going doen the bankruptcy path.

[tastyjane]

Re: Joint Mortgage and my husband buying back my interest?

Hi,

Thanks for taking the time to respond, I've been informed that Lowell Portfolio are going to have a SD served on me on Tuesday at 2.50 pm relating to a debt to Capital One for £4866.00.

I have a total of £41,000 worth of credit card debts all prior to 2007 and since joining this site on Tuesday have send off for CCA's for the two (including this card) debts that are chasing hard.

I haven't made payments for this debt since 2008.

I have been reading the internet and it appears Lowell's are very aggressive and that they seem keen to push for bankruptcy. In all honesty there is little or no equity in this house and I have no other assets, I don't even own a car.

Niddy is being really helpful in another thread but just as my husband and I have been talking I just wondered if anyone had any experience of whether they would let him buy out my interest if the worst came to the worst?

Jane x

[PriorityOne]

Re: Joint Mortgage and my husband buying back my interest?

I have no experience about buying out interest.... but do have a lot of experience in getting creditors and DCAs to feck off, despite having heaps of equity in my house.

If Niddy is already helping you, then I would advise you to stop stressing about scenarios that are nowhere near happening.

[oldyboy]

Re: Joint Mortgage and my husband buying back my interest?

Hi TJ,

I was seriously considering bankruptcy myself almost a couple of years ago. I went down the UE route instead with a view to BR as a self destruct should this route didn't pan out. It seems to be so far.

With regard the house it looks like on the face of what you've posted that you have no equity in it. In this case I understand your OH can buy out your interest for as little as £1 under these circumstances. What may happen if Lowlife actually go all the way and bankrupt you is the above with a review 3 years after. If there's still little, no or even negative equity the above could still apply.

This I hope might settle your mind. Bottom line seems to be no you shouldn't lose your house. I discussed this at length with a CAB adviser before settling for UE. If someone else could post to confirm or adjust what I've said I'd be grateful!

I think the SD is a big scare tactic that if they don't watch it will cost them and not you.

The only other way they could get a grip on your house is with a CCJ and Charging Order applied. Assuming, of course, they get it in the first place. Even then it's extremely rare (almost never) a forced sale will be granted. The fact it's in joint names helps immensely.

With the help of all of us on this site the sky is not about to fall in on you!

[tastyjane]

Re: Joint Mortgage and my husband buying back my interest?

I'm so sorry to go on; I keep on trying to relax and not panic but I have a lump constantly in my throat, I got better on Friday but as I get closer to Tuesday it is just welling up :-(

I have been reading on the internet and it seems that Lowells are really keen on pushing for bankruptcy, I have read up on setting aside a SD and the thought of going to court terrifies me too..... just trying to find out as much as I can so I can talk it through with my husband.

I have started down the UE route but I'm not sure that's a good enough defence to set aside....

Jane x

[oldyboy]

Re: Joint Mortgage and my husband buying back my interest?

You've done exactly the right thing by sending off your CCA request as quick as you did. As said in your other thread it might not stop the initial issue of the SD, but you could well find out it all grinds to a halt. I know what you're saying in your last post about UE not being a strong enough defence, but in fact it probably is! You start answering back to a DCA quoting consumer and civil law and, like most bullies, they feck off and bully someone not so knowledgeable.

I think I mentioned on your other thread about a similar situation a few years back where a DCA (one of Niddy's favourites!) issued a SD. The recipient sent a CCA request to which there was no reply. A court date was set to which they attended but the DCA didn't. Case dismissed.

Just be prepared to take it to the wire.

[Never-In-Doubt]

Re: Joint Mortgage and my husband buying back my interest?

Jane

As I previously said, try not to worry about this. If and when you get the SD then get it scanned in and emailed to me and I'll then refer you to Paul (solicitor) and see what he says. Thing is, you have ample opportunity to arrange a monthly payment plan prior to any successful application for action.

This is a relatively small debt so worse case, you agree to pay £x per month - this should satisfy most courts that you're trying to settle the debt.

But try not to worry, lets see what Tuesday brings. If you're in and the SD is served, don't worry they cannot come into your home or say anything derogatory to you - they should behave like a postie and literally check you are who the SD is addressed to then issue/serve it on you.

It's just like getting a special delivery letter but the content is usually posh toilet roll.

As I say, try and chill - no need to go to CAB, the help you'll get here is usually better than anything CAB have to offer.

[Spent2much]

Re: Joint Mortgage and my husband buying back my interest?

Hi TJ, My husband had 2 sd both at the same time , and the judge just set both aside and agred a monthly payment plan .

I understand that once a sd is set aside , then its finished with

I have been where you are now , sleepless nights , anxiety attacks, lump in throat and butterflies in my stomach with the constant worry .

Had this for five and half years until i fouind this site and since getting the help from niddy and crew the stress levels are i think normal , we feel in control and apart from one dca/solicitors whose name shall not be mentioned , things have turned out right for us £27000 of debt uneforceable . So please don't let this worry you no judge will allow bankruptcy when you have a child and like someone pointed out your mortgage is joint names which is good , you will be fine and once you get the replies back from the cca requests just sit back and watch your life get back to normal like we all are now .

honestly don't worry , its easy to say but i have been where you are now and its really not worth the worry and letting it steal your time

[pompeyfaith]

Re: Joint Mortgage and my husband buying back my interest?

The SD which I was served with was delivered by motorcycle courier, and just posted though the door with no contact with the person delivering it at all.

Tastyjane it is hard and it is worrying but take heart in that with Niddy, the mods and members around you are in good hands and please do not worry about court as that is still a way off and besides it is nothing like you think it is.

[The Tech Clerk]

Re: Joint Mortgage and my husband buying back my interest?

C.A.B. what a laugh (Not) they are:- few years ago a meeting with them took place in a Toilet (no room at the Inn), literally I sat on the toilet lid, the ex Lloyds Bank Manager leaning on a window sill (Narrow Sill), my wife wedged between door frame and side wall for discussion on my case of reduced hours and outgoings lot more than in comings due to Heart Attack, all he said you have nothing left to offer, so you will have to sell your home, there is no other way, go away and think about it.


We went away, 1st of all I struggled to stand on the side of the toilet so that my wife could maneuver to get the door a jar to get out, then he got out followed by me with flaked white wash all over me.


Anyway, I stated go to hell waist of time, then started the great fight back, that started in 2008. My journey is ongoing but a lot easier to cope with having obtained knowledge and the fight back which a lot of these Companies shout about what if/can/will/may Do then run on the first hint somebody here knows the rules.

So TastyJane = Your Journey begins, and I am glad to see you are with the right people on here, you will look back soon and reflect on these bad times, and maybe assist others going thru what you are now.

[tastyjane]

Re: Joint Mortgage and my husband buying back my interest?

Thanks everyone; another sleepless night but I think I will feel better when I eventually get the paperwork in my hand, at least I will have something to fight back at then if that makes sense. Just wish I could shake my constant headache but on the plus side I have lost 13lb since last Tuesday :-)

Jane x

[pompeyfaith]

Re: Joint Mortgage and my husband buying back my interest?

Jane go for a walk get some fresh air great for headaches and while you are at it take a good look around because it really puts it into perspective how life must go on and that really our debts are just a drop in the ocean that can and do get sorted.

I am now a Stroke Association Volunteer because I love helping citizens and it also gives my brain another focus away from debt.

[ken100464]

Re: Joint Mortgage and my husband buying back my interest?

Good Morning Jane.

Easy for us to say but things do get better. We feel your headache as thats where we were 6 months ago.

One thing tipped each and everyone of us on here over the edge and makes us go out and seek help.

Luckily we have found here. It will become a sanctuary for you if you want it too and the help will be amazing.

Every debt follows a different path and can be unpredictable but getting correspondence from the banks and DCA's on here quickly allows the site team to help you.

Our life is transforming for the better thanks to the crowd on here. 6 months ago DCA's would say jump and we would reply how high.

Now, we have our DCA's in such a pickle that they have stopped conversing with us and taken their balls home no longer wanting to play.

Thats not to say they wont crawl out from under their rocks again but right now not one of them wants to know us.

See tomorrow as the start of the new chapter in your life story. The chapter where the dragon gets slayed