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loobylou
Starting Member
United Kingdom
13 Posts |
 Posted - 27 April 2011 : 13:33:17
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Hi, does anyone know please if we are able to sell our house ourselves during bankruptcy? We cannot afford to live here anymore and would rather sell it than have it repossessed (either voluntarily or by mortgage company).
I have spoken to mortgage company who have said they have no problem with us trying to sell, but we have a second charge with Firstplus and obviously the OR/trustee has their interest in it.
We just feel that it would be better all round, for us and for the creditors if we sell it ourselves.
There is approx £35-40k neg equity.
Any help/info/advice would be greatly received.
Looby-lou. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 27 April 2011 : 14:33:11
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Hi Looby Lou
You will find the obstacle selling your home is with First Plus I would imagine they are taking up most of the negative equity on the property the official receiver will rank after First Plus, so their share is zero |
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loobylou
Starting Member
United Kingdom
13 Posts |
Posted - 27 April 2011 : 18:10:01
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Thank you Daniel, either way, firstplus lose out...although i struggle to feel too bad about that, when i work out how much we've paid them over the years!!
Thanks for your reply.
Looby-lou |
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debtinfo
forum expert
2826 Posts |
Posted - 27 April 2011 : 19:52:14
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| I think what Daniel was saying is that if First plus dont give you permission then you cannot sell the property |
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loobylou
Starting Member
United Kingdom
13 Posts |
Posted - 27 April 2011 : 22:08:05
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Thanks debtinfo, yes, i think thats what i understood also. But i was just thinking aloud in my response really, that either way, firstplus will lose out, because they will end up with nothing from the sale, whether we sell the house ourselves or it gets repossessed. We are going to want to get a mortgage again (obviously we realise that this will be years off). But from my research, it seems that the repossession is going to be more of a problem in securing a mortgage than the br...understandably i think. And i was just looking to the future.....and wanting to do the 'right' thing!!
Thanks for your replies.
loobylou
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Are we able to sell house ourselves during bankruptcy ?
