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T O P I C R E V I E W
stuart1106
Posted - 25 January 2011 : 09:46:04 hi ,i understand my wife can no longer buy the bi when im declared bankrupt.im currenntly in negative equity.what would happen say my equity increased later on by £10000? and my financial position improved greatly.would i be able to keep house?
1 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 25 January 2011 : 10:01:21 whilst you are paying the mortgage yes
the mortgage company will still own the mortgaged part of the house and in effect have a controlling interest.
the bit left over the equity or proposed equity in three years is what the insolvency service are after.
so if property increased in value by 10K they would want a % of that value.
If in 2yrs 3 monthe you have equity the OR will want the money or they may start proceedings to enforce a sale
The big question to ask yourself is can you afford to keep it Now ? i know it is an emotional subject but if the mortgage is X and the property has second, third or even forth secured loans against the property, you may be able to rent the same house down the street for a considerable amount less.
