Hi Steve
Just wondering if you can answer my questions, my husband is working in London for the past 2 years, I am working in the south for 3 years now, one teenage son who has just left school and is working. Three older children living and working in London also. We are in an agreement with our mortgage company in only paying our interest for now, my husband is being taken to court for a bank overdraft and credit card of 50K, we have credit union loans of 40K in total. Can I comute to my job during the week in the south from London and still class London as our COMI?
Thanks in advance.
Thanks Steve for your quick response. We have a home in the South which is valued at the same as the mortgage, could we still keep this if we go through bankrupcy in the UK?
Thanks Steve.
If our son was to make payments to the mortgage company for the while that we would be going through bankrupcy would that be allowed. If after 3 years the house was still only valued the same as the mortgage what would the receiver do then? Or if there was 30K of equity after 3 years can we still buy the house back at 30k? In other words is there a chance that we would still be able to keep our house?
Thanking you in advance.
In simple terms you will no longer own the house once you are declared bankrupt - the bank will dispose of the property and make a claim as part of the bankruptcy procedure for any outstanding amount.
The other thing you need to be aware of is that the OR and the bank have a lot more experience than you have in this game and if they see your teenage son paying the mortgage on your house, it will start a lot of alarm bells ringing, as to where he got the money and whether your bankruptcy is genuine or are there hidden assets that you have failed to report???
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