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Maz
Junior Member
United Kingdom
239 Posts |
 Posted - 26 December 2008 : 12:23:52
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| Hi, we have included the potential shortfall in our SOA if our house is repossessed. Does the house sale by the lender have to go through while we are BR or can it still be included once we are discharged as it was included on our forms. Thanks |
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Jane.l
Average Member
511 Posts |
Posted - 26 December 2008 : 13:02:40
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I was told by the Insolvency Service that it does not matter when the house is sold, as long as you had the mortgage agreement BEFORE the date of bankruptcy, it is included, no matter what the mortgage company tells you  |
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Maz
Junior Member
United Kingdom
239 Posts |
Posted - 28 December 2008 : 17:30:55
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Thanks Jane
Can any experts confirm this please??? Thank you. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 January 2009 : 15:32:04
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Hi Maz,
Jane is indeed correct. As long as the OR is made aware that reposession could occur, in theory, it doesn't matter when reposession happens and the shortfall will retrospectively be written off in the BR.
However, I always operate on a "belt and braces" policy and I believe the only way to be 100% certain in to have the property reposessed prior to BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Jane.l
Average Member
511 Posts |
Posted - 06 January 2009 : 17:19:01
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yes, this was CAB's advice to us but NR were not very forthcoming in repossessing the house, it took them 13 months in all and it has only just sold very recently. At the time we went bankrupt, the house had a Possession Order on it but they did not act on it and change the locks for another 7 months
meant to add that CAB told us to actually wait until the house sold then we would know the shortfall amount  We could not do that, it has taken nearly 2 years in all and not paying creditors was awful, I already had 2 CCJs at that point and I was a nervous wreck. |
Edited by - Jane.l on 06 January 2009 17:21:05 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 January 2009 : 23:03:06
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I tend to agree with Julian in that a belt & braces and absolutely no surprised is by far the best policy.
Because the interpretation of insolvency law seems to vary depending upon your situation and postcode it is always better to be absolutely sure.
If the house is due to go then there needs to at least be some arrears prior to petitioning
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 January 2009 : 11:43:23
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Thanks Paul!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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property
