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T O P I C R E V I E W
Jo.hdw
Posted - 17 January 2011 : 14:03:59 Thinking may need to go bankrupt.There is a 100k mortgage on the house and approx 20k charge too.Property close by sold recently was advertised offers over 100k so no equity in ours then!Would like to keep the house but not sure if this only depends on the view of the OR? Potential Rent income would not cover the mortgage at present so wondering if the OR would still be interested in it?
3 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 17 January 2011 : 14:51:08 Hi Jo
a secured charge against a property will stay secured even in bankruptcy
so if you want to keep the house you must pay mortgage and second charge.
if you elect (?)to have the house repossesed the house is sold and any shortfall on first or second charge is included in BR.
The OR automatically takes an interest in your property and will retain the interest for 2 years before offering it back to you for a fee.
speak to one of the experts with the full circumstances they may have other options.
Richard
Jo.hdw
Posted - 17 January 2011 : 14:40:59 Thanks for your reply. Yes it is the family home.I was wondering what is likely to happen if we look to try and keep our house with the charge.Does this mean that if the OR had an iterest in it that we would still be accountable for the charge or would it just be included as part of the bankruptcy? Sorry probably a silly question?! Thanks
Richard P
Posted - 17 January 2011 : 14:27:45 Hi Jo
are you living in the property ?
in Bankruptcy if you are living in the house limited or no equity and can afford the mortgage payments, it is likely that you will be able to stay in the property.
If you are renting out the property the OR will take the income to pay your creditors, you would still be expected to pay the mortgage !
if you have investment properties it may be as well to speak to one of the experts as it can get complicated, rates V mortgage payment V handing back property.
if your not paying the mortgage the mortgage company will probably start possession proceedings.
