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Maz
Junior Member
United Kingdom
239 Posts |
 Posted - 02 September 2008 : 21:14:35
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| Hi, I went bankrupt yesterday and my husband is going bankrupt next Monday. Our house has negative equity of about £130,000. We are able to make our mortgage payments so what will the OR do. Will be be able to keep our house, we have two young children. Please advise. Thanks. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 21:21:26
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Hi Maz and congrats on the BR bit.
You say your home is in neg equity of 130k is that right.
If that is the amount, then there should not be a problem of a 3rd party buying the BI for £1 plus fees which i think is about £211.
Hope that has helped and if im wrong i dare say someone will correct me.
Most of all........
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Maz
Junior Member
United Kingdom
239 Posts |
Posted - 02 September 2008 : 21:36:36
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| Hi, yes £130,000 negative equity. If someone buys the BI does that mean it's their house??? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 02 September 2008 : 21:41:21
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Hi Maz
No you can buy that back when your discharged.
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 September 2008 : 11:19:43
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Hi Maz,
If someone buys your BI, they are buying your share of the equity. If you don't buy it back after discharge and eventually pay off the mortgage etc, then it would become their house.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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own home
