I declared bankruptcy in nearly 3 months ago. at the time i decided that i would give up my shared ownnership property and let it be repossesed, as there was no way that i would be able to afford to pay off the rent arrears. my mortgage has now agreed to add the arrears onto my outstanding mortgage balance. therefore i am now considering keeping my property as the monthly payment would be affordable. the property is currently in negative equity, but i am worried about what could happen in the future if there was positive equity. i have read something about buying back the equity in the property for £1, but want to know more about how this works and how i would buy it back and would this protect my property in the future? please can you provide some further information?
You can no longer buy back the beneficial interest for £1. The OR would wait for 2 years and 3 months from the date of your bankruptcy and value your home again to see if there is any equity at that stage.
Please could youmprovide info about buying back property ?
Posted - 13 June 2011 : 17:17:50
