I write on behalf of my son who has no pc. His wife has left, and they both have debts. hers is the greater amount. They have a joint mortgage with 2 months arrears and an arrangement in place. However on his wage alone he is struggling to meet all his payments. A Trust deed has been suggested for him to clear his debts. an estate agenthas advised there is negative equity in the house. However it is likely that my son's wife will have to make herself bankrupt due to the extent of her debt. How will this affect my son's Trust Deed?
Assuming the negative equity is confirmed will this be accepted by her Insolvency advisor?
She has offered to sign over her interest in the property to him but he has been told by the mortgage company that this is not possible without remortgaging and he would not get the mortgage inhis own name due to his low wages. I am trying to understand this minefield in order to help him do so.Any advice would be welcome.