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| T O P I C R E V I E W |
| mshm |
Posted - 02 February 2012 : 01:43:34
Please help. I have been BR since Feb 2011. OR appointed who is not the nicest guy in the world and appears to be living in cloud cuckoo land! No IPO made as he probably realises that there is no point. And now he only has a few days to make one. Myself and partner have 2 small children and a £350,000 mortgage. On a forced sale it would make £300,000 tops. Offers of £1000+ have been made to buy the interest but he is not playing ball. The interest only mortgage is £1400p/m, the majority being paid by my partner. Can he force a sale? If he did it lands my partner in £50K of debt. Would a court allow this? We have no mortgage arrears and are just about managing to make ends meet. Please help |
| 3 L A T E S T R E P L I E S (Newest First) |
| mshm |
Posted - 02 February 2012 : 09:06:15
Thanks Viki.W for the fast reply. Thats what I thought. We also have a rental property in JOINT names. The profit out of it is under £100 P/M of which my partner is sending the Trustee half (his share). We have had a valuation to show it is in negative equity but he is saying he is going to apply to get the tennants out and force a sale. Can he do this? Why would he? It is in no-ones interests! Would the court allow it as my partner would strongly contest this. This would also put my partner into debt. Thanks |
| mshm |
Posted - 02 February 2012 : 09:02:18
quote:
Originally posted by Viki.W
Hi,
The OR would not force a sale if there is no equity. If he doesn't accept your offer then he will value the property again 2 years and 3 months from the date you went bankrupt and deal with any equity, if any, then.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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| Viki.W |
Posted - 02 February 2012 : 08:27:25
Hi,
The OR would not force a sale if there is no equity. If he doesn't accept your offer then he will value the property again 2 years and 3 months from the date you went bankrupt and deal with any equity, if any, then.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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