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jay1975
Starting Member
United Kingdom
10 Posts |
 Posted - 04 December 2010 : 19:04:26
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Hi please can you help?
currently i am living with a friend and own a home that is being rented out, for the past year the income from this rental property has been paid to the or, the bank has asked myself either to pay £2000 or have the house reposessed by the 10th december. i am due to be discharged on the 11th, but have restrictions that apply for a further 5 years. i dont want the property taken! can i contact the solicitor, pay some £ and still keep the property, allowing the tenants to then from Jan to pay the rental income directly to me in order to pay the mortgage. Will the bank consider "wiping off" or extending the terms of my mortgage? is it still worth me keeping the property?
Thank you |
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debtinfo
forum expert
2826 Posts |
Posted - 04 December 2010 : 21:36:23
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| No the rent will continue to go to the OR, it is their property now |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 05 December 2010 : 11:42:01
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I agree with Debtinfo
It is a shame that the property was lost to the OR. Many BTL properties have been "saved", but I think it is too late now. Was it in negative equity at the time you filed the petition?
Richard
"There are no problems - only solutions" |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 07 December 2010 : 00:53:55
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Hi Jay 1975,
I don't think there's much chance of getting the property back, as the criteria that the OR looks at when dealing with property is whether it is the family home. As the property was being let out when you were declared bankrupt, then it would not have been classed as a family home,thus why the OR collected the rent which goes into the bankruptcy estate, and will do until either the tenants leave, or the lenders go for repossession.
As for the BRO, this would only have been pursued after the examiner completed a matrix to determine whether your conduct was sufficient for it to be investigated further. The problem appears to have been telling the examiner one thing as to why you obtained the loan , when in fact it was for another.
The OR would have been provided with detailed financial information from your bank, credit cards etc, along with detailed analysis of your finances. You may have thought that the reasons you gave would stand up to scrutiny, but in practice it seldom does.
You can appeal the BRO, but you must give sound reasons to counter the evidence provided by the OR.
Big Al |
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Hi please can you help?
