I have been told that my wife and I must sell our home that we share with our 2 dependent children. There is 7 months togo before the 3 year period for releasing the property is up, and I am wondering what will happen if the house doesn't sell within the 7 months. I am so worried and just want all this to be over but given the market at the moment.I am worried that this situation could be around my neck for years to come. could you please advise me what is the most likley outcome if the property does sell. kind regards
Hi tammy & welcome to the forum more information is required to know if what you have been told is accurate. What's the value of the property in the present market? How much is on mortgage? Are there any other secured loans against the property? Are there any other charges on the property?
I am assuming that a Trustee has been appointed and has started possession proceedings. If the house doesn't sell within the 3 years but proceeding have commenced the property still vest in the bankruptcy. It is likely that if the property doesn't sell and there is sufficient equity it will be placed in an auction.
told that my wife and I must sell our home
Posted - 31 July 2008 : 23:21:43
