Author Topic: Buy to let failure  (Read 747 times)

Imperialmint

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Buy to let failure
« on: Dec 21, 2019, 10:57:34 PM »
My husband and a family member purchased two buy to let properties in 2007.both are in serious negative equity and his relative who predominantly controlled the “business” has made herself bankrupt - she had massive personal debts and lives in rented accommodation. However we (husband and I)have a joint mortgage of our own with a large amount of equity and (we have been homeowners since 1997 and will have paid our mortgage off in 6 years. Both properties will have a shortfall and under J&S liability the outstanding amount will all fall to my husband to repay. This is likely to be around £120k.  I don’t want to risk losing our house if he goes bankrupt but I don’t see how at 53 and with an income of just over £2k a month he is going to be able to reach a figure for repayment of this debt. Would an IVA. E his best option even tho this will bring our house into the mix in year five (I doubt we would be able to draw down equity as he will have a bad credit record) and if he goes bankrupt I may not be able to raise the full amount the OR would require to buy his beneficial interest. I am very worried as it is like a ticking time bomb being held over my head and I haven’t done anything wrong but feel as though will be punished. If bankruptcy is the end result I will have to agree to the house been sold and just as I am about to retire will end up renting (albeit with a lump sum my share of the equity in the bank) but no security and no [size=100%]home to call my own.[/size]

mrRandallJiz

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  • Posts: 1
Buy to let failure
« Reply #1 on: Jan 02, 2020, 04:02:59 AM »
i get to the page where i can see them but i carnt click buy now on the logo sticker and i think i am a lite member is there anyways i can upgrade so i can get free stickers?