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Topic starter
29/12/2011 7:16 am
last payment should have been made this month to mine and my exhusbands trustdeed he left the house 2 years ago just myself and my 20year old son lives here now at the time before sighning the trustdeed they asked us how much equity we thought we had in the house we said around 16k we were told a remorgage would be no probs at he end of the 4 years so we sighned we then got there estate agents valuation in and they advised us that there was 25k in the house so realy from day 1 the worries have not went away as i said earlier my husband and i split a while ago i have informed the trustdeed about this and also that the financial market will not allow me to remorgage also the house value has dropped big time my answer was to bring in a hird party to pay the equity either by loan or savings im sorry but who in this hard up time has someone like that around then i was told about the loan companies who cater for bad debt iv just spent the last 4 years tryin hard to get out of debt and they want me to o straight back in then there was the sell the house this was the last thing i wanted to hear this is my home i cant believe that after 4 years of this im going to lose my home anyway the house was valued at around 89k back in march that would be about 14k equity i have asked if they would accept a lower offer but they really havent been helpful my exhusband has really just washed his hands off it as he no longer lives here its left to me o sort it out and i havent got a clue where to turn
s milne
29/12/2011 8:29 am
What company are you with?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
29/12/2011 9:05 am
Hi sallymilne.
I just read back over your previous threads here and can see that this has been a big worry for some time.
The starting point is that your Trustee, whoever he or she is, has no option other than to deal with equity that exists in your home.
There had been discussion previously that you did have a family member who might be able to help you to put together an offer to your Trustee to deal with the equity. Is this still the case? Kevin and Julie made some positive comments here about the details you suggested previously.
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29/12/2011 9:31 am
Hi sallymilne,
i can see why you are so upset, the whole idea was to try and keep yout home. However, the Trustee has an obligation to realie the equity, so the best thing you can do is to get this to be as low a igure as possible. If the house has less equity now, creditors will accept that, as that is just the way the market it. If the equity is now £14k, then if a third party can come up with £9k or £10k then surely that is a good offer for creditors. If the house is sold, there will be selling costs etc anyway. Try to get something in writing from your Trustee giving a figure, so you have something concrete to go to family with.
Shona is not currently posting in the Trust-Deed.co.uk forum.
30/12/2011 8:01 pm
Hi Sallymilne. Shona's right, it is just a case of coming up with the best offer possible. Your trustee may not be sounding very positive at the moment but when push comes to shove they will want to find the easiest way forwards that gives a reasonable return to creditors. It is a scary prospect, but you may need to issue a "take it or leave it" offer to your trustee at some point - but I'd be very surprised if they didn't take it if it is reasonable.
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