House Has $30k or More in Equity
Surrendering the House to the Bank.
Bob and Sue have come to the hard decision to declare bankruptcy and they are considering what to do with the house as they have no equity in it and they simply cannot afford the mortgage any longer. So, Bob and Sue choose to surrender their house to the bank. The very first thing we at Bankruptcy Experts Gold Coast 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 home.
A Question of Caveats
Bob and Sue have owned a property for many years, have worked really hard and have $200,000 equity in their house. Their home is valued at $700,000 and they currently have about $500,000 on their mortgage.
Bob is a builder in Qld and has really been having a hard time since he injured his back. He owes $150,000 in overdue accounts to a particular hardware store who have actually been really patient with Bob and understand his situation. However, they are just unable to wait anymore, so to make sure that they get their payment for the account they have placed a caveat over Bob and Sue’s property.