not if you continue to pay the mortgage payments and payments for any loans secured on the property. you will also need to buy the beneficial interest in the property from the OR.
i spoke to someone today, a bankruptcy advisor, with the same question... she said that yes i can still keep the flat if its in negative equity.. BUT... the mortgage repayment must be maximum 40% of my income... im not sure about this and quite worried as my income is definitly not in that league (my mortgage is £800) im going to put a separate post up asking the question anyway about this 40% criteria! lets hope our homes are safe :)
If my home is in negative equity
Posted - 02 March 2009 : 17:34:30
