| T O P I C R E V I E W |
| tammy |
Posted - 31 July 2008 : 23:21:43
I have been told that my wife and I must sell our home that we share with our 2 dependent children. There is 7 months togo before the 3 year period for releasing the property is up, and I am wondering what will happen if the house doesn't sell within the 7 months. I am so worried and just want all this to be over but given the market at the moment.I am worried that this situation could be around my neck for years to come. could you please advise me what is the most likley outcome if the property does sell.
kind regards |
| 4 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 01 August 2008 : 13:23:47
I would say it does as it is as a result of the bankruptcy that it is being sold at all.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| rollercoaster |
Posted - 01 August 2008 : 10:49:57
If a home is to be sold/auctioned by the trustee within the three year period, does any shortfall still get captured by the bankruptcy? |
| Suzanne |
Posted - 01 August 2008 : 10:32:40
Hi
I am assuming that a Trustee has been appointed and has started possession proceedings. If the house doesn't sell within the 3 years but proceeding have commenced the property still vest in the bankruptcy. It is likely that if the property doesn't sell and there is sufficient equity it will be placed in an auction.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| John |
Posted - 01 August 2008 : 01:11:11
Hi tammy & welcome to the forum
more information is required to know if what you have been told is accurate.
What's the value of the property in the present market? How much is on mortgage? Are there any other secured loans against the property?
Are there any other charges on the property?
Assisting where I can. |
