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David.yl
Starting Member
1 Posts |
 Posted - 19 May 2012 : 16:49:00
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| I am considering bankruptcy. My mortgage is a paid up to date, but the house in Negative Equity. Will I be able to keep it and continue paying my mortgage. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 May 2012 : 17:14:47
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Hi David,
If this house is the home that you live in, and you can afford the mortgage, and you are not paying an excessive amount per month for your mortgage payments, then you can carry on as normal, however, the house will be valued again in 2 years and 3 months to see if there is any equity.
I really suggest you speak to an expert to have this explained.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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year 2029
Average Member
590 Posts |
Posted - 20 May 2012 : 22:14:24
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Dont forget he should be offered the oportunity to buy the beneficial interest in the property.
Get a written valuation from a local estate agent which will go to substantiate that the property is in negative equity. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 May 2012 : 22:23:59
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I am with Viki on this one - it is doubtful that he will be given this opportunity until the two years and three months is up. Who knows how the property market will change over the next few years.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 21 May 2012 : 09:57:59
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David, have a look at this link
http://www.bis.gov.uk/insolvency/Publications
Then scroll down to the publication 'what will happen to my home'.
That is one of the publication you are given when you declare Bankruptcy. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 21 May 2012 : 10:11:50
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Anyone who is bankruptcy can make an offer to buy back the beneficial interest, whether in negative equity or not. Of course, the OR would need to accept it.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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I am considering bankruptcy. Will I be able to keep my house ?
