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maris0405

Trust deed issues

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MY trust Deed is about to end and I thought I could start a new life but they are asking for the equity of the house and we can't even get a remortgage most of all we don't want to sell the house we now have 10 days to make them an offer I don't know what else to do. Upon entering this trust deed they only explain that after 3 years all our debts will be written off all our unsecured debts became secured trust deed is not really helping us.

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this is one of the pitfalls of trust deeds that if you own your own home that if there is a balance at the end they can ask for proceeds etc. and you usually sign to agree to this. They should have advised you of what the amount is they are looking for. If you cannot get these monies anyway via remortgarge loan or from friend etc then you may have an option to extend your payments.

 

 

is the trust deed in your name only?

 

is the house in your name only?

 

ida x

Edited by IdaInFife

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There seems to be a major issue with how the "equity" issue has been presented to those entering Trust Deeds over recent years. This situation has been magnified by the reduction in mortgage availability post "credit-crunch".

 

There have been a stack of questions similar to yours answered on the forum of www.trust-deed.co.uk and some of the answers provided by the independent experts featured may be of benefit to you.

 

Is the equity you are being asked for based upon the current valuation of your property or the value at the start of the Trust Deed?

 

How much are you being asked for?

 

How much have you been paying into the Trust Deed each month?

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Hi thanks for your time the equity that they are asking is the value at the start of the trust deed and they are asking 34k we are seeking any possible sollution we approached our council but they said they will give us a phone also we are thinking about selling and rent it back I hope it won't happen we can't even get a remortgage at the start of this trust deed they said after 3 years we will be debt free That's nice thinking back how our financial situation at that time we thought that's the worst part of our lives but this is the real worst of the worst before they discharge us from our trust deed they want the equity of our house we have tried everything and the only sollution now is to sell the property and give them what they're asking and we will be homeless we have 3 children and I don't know what to do anymore this might be my last to type in this computer because they might as well get everything.

 

Anyway it is on my name and my husband.

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Hi,

 

I know you feel up against at the mo and alot of people have been there as well.

 

If extendign the trust deed is not an option for you or you cannot get a remortgage then you may have to sell.

 

This may be of help as well:

 

National Mortgage to Rent scheme

 

Ida x


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