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T O P I C R E V I E W
dorsetbelle
Posted - 16 April 2010 : 22:32:27 I HAVE A MORTGAGE AND I BELIEVE MY HOME TO BE IN NEGATIVE EQUITY. I AM IN AN IVA AND THINK BANKRUPTCY IS MY BEST OPTION. WILL I LOSE MY HOUSE IF I CAN STILL AFFORD THE MORTGAGE AS THERE IS NO EQUATIY IN IT
3 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 17 April 2010 : 15:32:54 If you get a valuation make sure you ask for a 'quick sale' valuation. The estate agent will lower the price by x amount and this will probably ensure negative equity and would also be the price that the OR would sell the property for.
Housing
Posted - 17 April 2010 : 09:05:20 hi
Debtinfo is right - all things being equal, then the BI can be purchased for £1.00 plus the OR solicitors fee of £211.00.
Why not get an independent estate agent to give you a valuation? It will cost you nothing.
The OR will not be interested in the property if there is no equity
Good luck and post back as necessary, Richard
"There are no problems - only solutions"
debtinfo
Posted - 16 April 2010 : 23:02:51 If you are certain that there is no equity in it then the standard procedure in bankruptcy is to let you buy it back from the bankruptcy estate for £1 plus legal costs
