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Muj
Starting Member
1 Posts |
 Posted - 28 February 2010 : 07:50:16
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| My house is worth 110k, my outsanding debts are 50k and my outstanding mortgage is 83k, will my property be at risk |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 28 February 2010 : 07:54:33
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Hi ,
Yes , unfortunately your house would be at risk .. with it having a substantial amount of equity it would be sold by the OR to realise funds |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 28 February 2010 : 10:44:13
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Hi,
Have you had the property valued? It may be worth doing if you have not as values are still at a low, despite a slight rise in sales.
Contact a local independent estate agent, say you are thinking of re-locating and they will carry out a valuation for you for free. Ask for the valuation to be in writing.
If the values are as has been suggested, then yes, your property could be sold by the OR for your creditors.
Good luck and post back, Richard
"There are no problems - only solutions" |
Edited by - Housing on 28 February 2010 10:45:15 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 February 2010 : 13:26:25
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Hi MUJ
as not to put you into total panic, should the OR decide that the equity in your house is significant to attack your debts they may instruct a sale but that could be a year down the road.
if you are the sole occupant of the property and sole owner of the property, the OR may elect to go for 100% of the equity but if you area joint owner and your partner is not going BR they will apply for 50% of the equity.
rather than forcing a sale the Or may say that 50% of teh equity is valued at £X and offer you or a friend to buy the Beneficial interest.
because of the potential equity and issues with the house i would suggest that you contact one of the experts to the left
I used Paul and his team at Reviva and would strongly recomend you giving them a call, they were very through and helped me with my situation
regards Richard |
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will my property be at risk
