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T O P I C R E V I E W
suzannebellingham
Posted - 16 January 2009 : 08:16:03 Hi! Sorry am abit confused re: property in negative equity! If one mortgage partner abandons the property & the other partner (hasnt been paying the mortgage for 2.5-3 years)& cannot afford to take on the mortgage. They are being forced into bankcrupsy as they cannot pay the mortgage & loan on the property. Plus the property is in severe negative equity. What happens to the property 'ownership' and, who gets first priority on making the receiver an offer? i.e. The other partner or a relative of the second (bankcrupt)partner?! THANKS!
2 L A T E S T R E P L I E S (Newest First)
RHB
Posted - 17 January 2009 : 16:08:20 If those that are named on the mortgage are unable to meet the mortgage repayments it will be repossessed by the mortgage company.
chester2005
Posted - 16 January 2009 : 09:09:20 Hi suzannebellingham welcome to the forum
I am no expert but as far as i am aware if the property is in neg equity if you want to keep it and you can afford to stay there the OR will offer your BI for £1 plus costs £211 to whoever you want to buy it, if you have anyone that is.
You could try giving the helpline a call, they are a really helpful bunch of experts and its free!! Dave
