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braddy
Junior Member
181 Posts |
 Posted - 05 January 2009 : 14:56:23
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| Hi - I went bankrupt 6 months ago, and my partner declared her interest in the house, we were asked about 3 months ago to send back a valuation and a mortgage statement along with confirmation of my Girlfriends interest. I still have not heard anything and would ideally like this transaction to take place soon as we are in negative equity, should I chase the OR for this or just wait?. I am concerned that if house prices start to increase again it could cost us a lot more to keep the house, is it possible that the OR will hang on hoping it goes back up in value. |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 January 2009 : 15:13:18
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Hi
it's possible the OR will wait to see what happens to the property market, he has 3 years from the date of bankruptcy in which to decide.
However this would certainly be bucking the current trend. I see no harm in giving the examiner a call and politely asking the question.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 15:36:47
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John
Are you saying that it can take the OR 3 years to deal with someone buying the BI in a home, the reason i ask is we wanted to get our valuation done in Mar/Apr this year and put in our 3rd party offer.
If the OR is going to wait for the house price to rise then we have no chance in getting it back.
Any advice please.
Thanks
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
Edited by - Needafriend on 05 January 2009 15:37:18 |
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debtrider
Junior Member
494 Posts |
Posted - 05 January 2009 : 15:51:59
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John
I am in the same position, if i have to wait 3 years for the OR to make a decison on my property valuation then as Jo say's the value could go up by then I could lose the house.
Property prices are still going down at the moment and are forcast to do so over the next 12 months, but who know's after that.
Anyone in this situation surely needs the beneficial interest in their home sorted sooner rather than later as it can be rather stressful waiting, not knowing where you stand.
Debtrider |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2009 : 16:05:35
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| That's the downside to declaring bankruptcy if you have your own home. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 16:09:46
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Hi RHB
When is it you went bankrupt? I was just wondering how you coped with it.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2009 : 16:10:44
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| Do you have to have gone BR to post then? |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 January 2009 : 16:13:53
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Hi
yes the OR can take the decision to delay dealing with the property, usually until 2 years and 3 months has passed after the date of Bankruptcy.
There are no guarantee's that the OR will sell the BI in a property at the first opportunity but certainly that has been, and is likely to continue to be for a while yet, the trend.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 16:14:37
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No its just i thought you had as you know a lot more than me on the subject.
And sometimes you can come across as a bit negative when you reply which i dont think you mean too but the written word is often the worst for it can be misinterpreted.
Its one of those things that its hard to understand unless you have actually been there, if you know what i mean :-)
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2009 : 16:19:56
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There's being negative & there's stating the facts, which might not always want to be what you want to hear sometimes.
Obviously for such a major decision it is crucial to gather all the info you can, and of course first hand experience is invaluable. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 16:23:57
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I agree
But if you understand how bankruptcy works then it helps, if you have been in the situation where you are right at the bottom of the barrel with no way out then you know how it affects each person a different way.
We all want to pay our debts, but sometimes it is not possible as things change, i am not saying for one minute that people are taking the money and not wanting to pay it back, but we all know whether your an ex Bankrupt, a current bankrupt or a pending bankrupt that is about to lose everything how hard it is and sometimes although facts need to be known then it also needed for people to understand what we are talking about.
You have to really be in the situation to really understand. Facts are good but to have been through it is a bonus when giving advice, you then know how that other person feels.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
Edited by - Needafriend on 05 January 2009 16:35:51 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 16:42:13
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I agree with you, but sometimes we need to feel that there is a little empathy out there.
I read up on it before i went bankrupt and have only learnt from this site and from my own bankruptcy, i know nothing is set in stone and yes it is one of the hardest things in choices to ever make in ones life.
At the same time, we all need to feel that fact and empathy come hand in hand, we need to know the legal stuff as well as the friendly stuff too.
We can all read books, search the net and offer advice but at the end of the day we all have to make that decsion on our own, no matter how hard it is.
Yes we lose all control over our life for that year, yes we may lose our home, we should all feel guilty for not paying the creditors as we all do i suspect, but the guilt we feel and the loss i supose that we feel is sometimes uncontrolable.
Its hard whichever you learn about the subject and we need to be there fact or first hand knowledge. We know its scary stuff, and support is what we all need and we get that on here.
I know that if i could i would have paid all my creditors, and i never ever took money with the thoughts of not paying them.
Thats life
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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Beneficial Interest
Topic Locked
