House Has $30k or More in Equity
Surrendering the House to the Bank.
So, Bob and Sue choose to surrender their home to the bank. The very first thing we at Bankruptcy Experts Bundaberg would do for them is get them to sign a legal document which is like a deed of release meaning they have voluntarily surrendered their house.
A Question of Caveats
Bob is a builder in Qld and has really been having a hard time due to the fact that he hurt his back. He owes $150,000 in unpaid accounts to a particular hardware store who have actually been really patient with Bob and are aware of his situation.
When The House is in Your Partners Name and They Don’t Need to Go Bankrupt.
Why Would You Go Bankrupt If You Had Equity In Your House?
But I Have Mortgage Insurance?
Five years ago when Bob and Sue were looking to buy a home all they could manage to pull together was a deposit of 5%. When they bought their house they went to the bank and the bank was fine with the 5% deposit but they had to also pay for mortgage insurance. Bob and Sue were happy to pay the mortgage insurance because they didn’t have the required 20% deposit to eliminate paying mortgage insurance premiums and it meant that they could purchase a home sooner.