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T O P I C R E V I E W
Anthony.tr
Posted - 24 October 2009 : 14:31:08 I am living in my own property which was purchased on 100% interest only mortgage. The value of the property is less than when purchased (2 years ago) due to the economic downturn. I have no personal equity at all in the property for the aforementioned reasons. I am long term unemployed and the mortgage is currently being paid by the Dept of Works & Pensions (DPW).
I have various creditors which I can no longer pay and wish therefore to make myself Bankrupt.
My question is this - After I am declared Bankrupt can I be forced to sell my home to pay creditors as this would leave me homeless and without any prospect of being rehoused.
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 24 October 2009 : 15:29:57 If the property is in negative equity then you can purchase the BI (Beneficial Interest) from the OR for £1 + £211 fees. The mortgage repayments would need to be kept up to date.
