Hi there BSMB and welcome to the forum, its alwaysnice to have new members join in - have you booked your court date yet? With regard to your property, have a local estate agent out to value by pretending you are putting it on the market - but you want the 'quick sale figure' (the figure they usually reduce to after 6 weeks if no offers) ask your mortgage company for an outstanding balance and check whether or not there is an 'early repayment penalty' usually is if you have been on a fixed deal. add this to the outstanding balance. If after taking balance from value you are in a no equity or negative equity situation you will not lose your home - you (or a 3rd party)will be able to purchase the beneficial interest (buy it back from the OR) for £1 plus £211 costs.
Beneficial Interest(BI):- when an bankruptcy order is made the OR's name is recorded at the Land Registry against any property - this in effect stops you selling the property - only the OR can authorise sale. If there is no equity the OR will send out a letter automatically within 3 months offering you to purchase the BI for £1 plus £211 costs - in effect what you are doing is paying that amount to remove his name just back to your name - at no time does this affect the ownership of the house nd you must maintain any mortgage or secured loans payments on the property
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
will i loose my house
Posted - 10 March 2009 : 09:34:24
