Can I sell my house cheaply to others without a mortgage and then declare bankruptcy?
Currently I have my home mortgage and get packed into a large spending a few years ago I remortgaged my house to pay for the extension was the credit crisis, if I was raising interest rates can be ruined as well, but will lost my house, wife and children live masukAku wondering if it would be possible to sell the house with a small amount as a one hundred pounds, with the agreement that I would be allowed to rent a house from one to x number of years in X amount of pounds per month, and then declared himself bangkrut.Tiga important question: Is this the property from being touched by those relating to bankruptcy, a mortgage to live in my name, or will be transferred with the house? And if this should be legally done through a place, such broker or I can do myself? It was under English law
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February 13th, 2011 at 9:31 pm
on your bankruptcy your asked if you have sold anything.. like your house for a small or reduced sum, this would be investigated…. however the good news is for £500 you can secure your house from the bankruptcy. I would speak with the official reciever and get the details of this. I have gone through this with my friend recently but I cant remember what they call it. If your house is in negative equity your creditors wont be interested in it anyway.
February 13th, 2011 at 10:24 pm
I would think that the Bank or Society with whom you have the mortgage would hold the title deeds or whatever is needed to establish ownership and would prevent you from selling the house without paying off the mortgage with them first.
February 13th, 2011 at 10:58 pm
No dude. The receiver can go back 2+ years from declaration and challenge any “dubious” accounting.
You could perhaps remove your name from the title of your property, thereby giving it solely to your wife (who would have to be named) and you might escape that way.
If you declare, and you owe the Tax Vat and Gov’t men nothing, then the order will be secured and then unsecured creditors.
Without action:
Your house would be seized and sold at rock-bottom to pay back outstanding mortgage amount and then any outstanding amount would be added to your total unsecured credit amount giving you a total outstanding credit amount. All of your property would then be auctioned off, save tools of the trade Etc and that would be divided up equally between remaining creditors.
DO NOT LOOSE ANY SLEEP AND DO NOT MAKE YOURSELF ILL WITH THIS. SEEK IMMEDIATE ADVICE FROM CITIZENS ADVICE BUREAU
And good luck.
EDIT: Your mortgager will act fast… Three months missed payment is all it takes. Even if you beg them, you may get two-three months grace at most. Make sure they are the last to know. If you are BOTH on the mortgage agreement, then no worries, just drop off the deeds. If the house and mortgage are solely in your name, then you need a miracle, but do seek advice on this. The guy above that mentioned protecting your home for £500 might (never heard of it myself) have a point IF you were protecting it from UNSECURED debts ONLY. But even then, they can apply to the Land Registery and ensure that the debt is permanently attached to your property and it will also incur interest.
February 13th, 2011 at 11:34 pm
my house was in negative equity when i went bankrupt 3 years ago and i lost it, they took it and sold it to the council! so saying if its in negative equity they will not be interested isnt true… i had a 2 year old son, my husband worked as hard as he could and im physically disabled ( registered )and at the time unable to work, so we had one income to live on. they also took half my furniture and sent it to auction, my car and stuff like tv, computer left me with clothes, 2 beds , bedding etc and kitchen white goods that was it, bankruptcy is cruel and not an easy way out i assure you, best of it was i didnt even owe that much just over £15k at the time….. i was left homeless and the council wouldnt help us because it was our own house, we had to move 90 miles away and live with my mum
dont sell your house , they could try and get you for fraud
February 14th, 2011 at 12:26 am
If you sell the property at an undervalue your Trustee in bankruptcy can take back possession of the property up to 7 years after the Transfer. PLUS you and the purchaser will be defrauding the Inland Revenue and could go to prison!
No-one would touch this with a barge pole hun….anyone involved in this transaction will be in trouble