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 I HAVE A MORTGAGE AND I BELIEVE MY HOME TO BE IN N		  New Topic  Reply to Topic
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dorsetbelle
Starting Member



2 Posts
Posted - 16 April 2010 :  22:32:27  Show Profile  Visit dorsetbelle's Homepage  Reply with Quote
I HAVE A MORTGAGE AND I BELIEVE MY HOME TO BE IN NEGATIVE EQUITY. I AM IN AN IVA AND THINK BANKRUPTCY IS MY BEST OPTION. WILL I LOSE MY HOUSE IF I CAN STILL AFFORD THE MORTGAGE AS THERE IS NO EQUATIY IN IT

debtinfo
forum expert



2826 Posts
Posted - 16 April 2010 :  23:02:51  Show Profile  Reply with Quote
If you are certain that there is no equity in it then the standard procedure in bankruptcy is to let you buy it back from the bankruptcy estate for £1 plus legal costs
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Housing
Senior Member



United Kingdom
1399 Posts
Posted - 17 April 2010 :  09:05:20  Show Profile  Reply with Quote
hi

Debtinfo is right - all things being equal, then the BI can be purchased for £1.00 plus the OR solicitors fee of £211.00.

Why not get an independent estate agent to give you a valuation? It will cost you nothing.

The OR will not be interested in the property if there is no equity

Good luck and post back as necessary, Richard

"There are no problems - only solutions"
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gettingoutofdebt
forum expert



2418 Posts
Posted - 17 April 2010 :  15:32:54  Show Profile  Reply with Quote
If you get a valuation make sure you ask for a 'quick sale' valuation. The estate agent will lower the price by x amount and this will probably ensure negative equity and would also be the price that the OR would sell the property for.
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