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| T O P I C R E V I E W |
| Petra.ex |
Posted - 27 March 2012 : 07:54:20
We have been discharged form bankruptcy for 6 months.
Our house was in negative equity at the time of filing for bankruptcy; and it is still in negative equity.
At the time of going bankrupt, we were three month sin arrears with the mortgage. We are still in three months arrears, but have continued to pay the full monthly mortgage since then.
We had originally thought that we wanted to buy the beneficial interest.
However, I think we have changed our mind, and would prefer to walk away. The house is dilapidated, and would take ages to be worth the amount mortgaged.
However, is it right that after 3 years, the property is revested in us anyway, whether we like it or not?
Or do we have to agree in having the property revested to us?
Lastly, if we walk away, and tell the OR that we do not want to buy the beneficial interest, or have the property revested in us, are the three months arrears in our mortgage, which were there when we went bankrupt, included in the bankruptcy; or do we have t pay it? And is the shortfall between the value of the property and the value also included in the bankruptcy, or do we become liable for that?
Many thanks, |
| 1 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 27 March 2012 : 08:29:45
Hi Petra,
The arrears and any shortfall will be included in your bankruptcy, as long as you didn't sign a new mortgage deal after your bankruptcy court date.
It doesn't matter when the mortgage company reposses or sell the property, it will still be included in your bankruptcy.
Make sure you contact the OR and let them know of your intentions.
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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