House Has $30k or More in Equity
Surrendering the House to the Bank.
So, Bob and Sue choose to surrender their house to the bank. The very first thing we at Bankruptcy Experts Wyong would do for them is get them to sign a legal document which resembles a deed of release meaning they have voluntarily surrendered their home.
A Question of Caveats
Bob is a builder in NSW and has really been struggling due to the fact that he hurt his back. He owes $150,000 in overdue accounts to a particular hardware outlet 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 earlier when Bob and Sue were wanting to purchase a home in NSW 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 needed to also pay for mortgage insurance coverage. Bob and Sue were happy to pay the mortgage insurance since they didn’t have the required 20% deposit to eliminate paying mortgage insurance premiums and it meant that they could purchase a house sooner.