Hello. I was declared bankrupt in May. I have an investment property which is currently rented out to a family. The Trustee has asked that all the rents recieved goes directly to them. I have a few concerns: will they, or do they have to continue paying the mortgage on this property? I'm worried that they won't pay it and the house will be re-possessed leaving this family in the lurch. Secondly, what about maintenance? At the moment if something needs doing to the house, the family call me and I use the rent to pay for the maintenance. Will the trustee not bother to maintain the property? Also, after my discharge, what will happen to the property as it is in huge negative equity? thanks.
The trustee usually wont pay the mortgage, They usually will pay for anything that the landlord is contractually obligated to do. It is likely that unless the mortgagor apoints an LPA receiver that the property will eventually just be repossessed and the family will have to leave.
Is it a buy to let mortgage an how long do the family have left on their tenancy
investment property
Posted - 24 August 2010 : 20:21:24
