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Janet.02
Starting Member
1 Posts |
 Posted - 28 June 2012 : 22:12:01
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| We went bankrupt 2 years ago, stated we wanted interest in the house to OR(WE WOULD LIKE TO KEEP IT)OR finished with us 12 months ago and we have heard nothing about whats happening to the house, do i need to contact them or will they contact us? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 June 2012 : 22:47:29
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Hi Janet, is your home in negative equity? If it is then you could wait until the 3 year mark when it will be released from the bankruptcy. Bearing in mind it could always increase in value etc. Or you could contact the OR now to buy back the beneficial interest.
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 - 08 July 2012 : 19:45:09
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It should be revalued and assessed at 2 years a 3 months, to be dealt with before the 3 years are up from your discharge from bankruptcy.
It might be worth considering getting a valuation yourself to see how the market has faired in your area.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 July 2012 : 19:51:59
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Good advice from Viki. It would be worth contacting the OR now if you want to keep the property.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 08 July 2012 : 20:43:01
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I guess the main answers we'd need off the OP are
Did the property have equity in it when they were BR?
What is the equity in it now?
If negative, they can continue to wait until the three years is up.
If there's equity, then as I said, it'll should get revalued at 2 years 3 months, then they will have to buy out the beneficial interest (BI).
Id still get my own valuation done in case the OR's valuation varies greatly.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 July 2012 : 20:55:52
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I think Viki had already covered this?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 July 2012 : 20:57:31
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Viki has already asked for the relevant information so unless the OP comes back we can only provide general advice.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 08 July 2012 : 22:22:46
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Tracey/Niobe,
I think I added to what Viki had posted.
I asked others to add to my posts earlier today as some questions had gone unanswered to other posters.
You have told me before to add to other peoples posts.
You have told me before not to worry when others have repeated what I have said, as that lets the OP know they are getting agreeing and consolidated answers.
I don't think its necessary to post 'I think this has already been covered', when there has been the odd, albeit small point omitted, which I added to.
My posts were to encourage the OP to come back to us. Other options had been added to Vikis.
Nothing sinister, just helpful.
Is it not time to add to my posts, or agree when they're factual, than potentially (again), putting posters off.
Is the forum ethos, not to help each other?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
Edited by - year 2029 on 08 July 2012 22:27:15 |
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Heard nothing about what's happening to the house. Do I need to make contact ?
