Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By gettingeasiernow
#218675 Hi
My wife may buy a property, it would be solely in her name. Her deposit being a family gift.
My questions come about as during the mortgage application she was asked who the house would go to if she died, she said me.
I was discharged in August 2007 (after 6 months) and my final IPA payment is in March 2010. We have no financial association, CRF has been checked.
Questions as follows:
1) I understand that after my final IPA payment in March 2010, the OR has no interest in me, is this correct?
2) If so then should her house purchase go through before my IPA ends, it seems logical to me that the OR would have no interest in this property unless my wife died in the very short space of time between buying the property and my IPA ending. Is this correct?
Many thanks indeed
By mercgirl
#218688 In my experience this is not a question usually asked by mortgage lenders. They dont care as long as someone pays it, but it is a question we ask when we are trying to sell you life insurance :D . It starts with that question, who will you leave the property to in the event of your death and the customer usually replies I havent thought and then we sell the benefits of having life cover so that whoever you want to leave it to has it paid off.
I think this is why your wife was asked
By gardener
#218703 That is my understanding - the end of the IPA signals the end of the OR's interest. But they can always revisit you I suppose if they discover you hid something from them assetwise.
By gettingeasiernow
#218705 gardener - thanks for the reply, now my IPA is coming to an end I am struggling to remember all I found out at the start.

Getting close to no more monthly payments and finally being able to get some savings together, feels very good.