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T O P I C R E V I E W
stevew76
Posted - 26 May 2009 : 18:58:42 Please help... Both me and my future wife have just received a B136 (TIB) notice of application to register a restriction against the land. Due to our business failing we were both declared bankrupt. Donna still works, however i remain unemployed. We have not missed any mortgage payments, but are worried about losing our house and all the jargon we dont understand fully. We have had the property just over 1 year and it is in negative equity of at least £15,000. What can be done by us to protect the interest in our home? Thanks
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 26 May 2009 : 19:05:01 If the property is in negative equity and you declare BR you are able to buy the property back for £1 plus £211 fees. You would still need to make the mortgage repayments once you are BR but any shortfall would be written off in the BR.
I am not too sure how the application to register a restriction against the land works but it is something that should be taken seriously. You should get some professional advice regarding the restriction either from the CCCS, CAB, National Debtline or by selecting the 'experts' link on the left hand side of the page to speak to one of the professionals that frequents this board.
