I have received a letter from the trustee dealing with my estate, and it explains that my secured debt eg mortgage and secured loans, currently exceeds the value of my property, and they will be taking steps immediately to remove the restriction over my property, and they will no longer have any interested in my property as it is no benefit to the creditors. Does this still mean they can call me in 2 years time and tell me there is equity in the property at that time and then sell it and kick me out etc etc. Reason for the question is i am aware of the 3 year rule. Will I be able to sell my property in 2 years and keep the money? PS my bankruptcy ends Aug 08 (for info)
I would clarify exactly what the Trustee means here and whether you ought to be making a nominal offer of £1 to acquire the Trustee's interest now. It is unlikely to happen, but if the property does leap up in value over the next couple of years resulting in the creation of equity of value, then the Trustee technically could pursue that.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
equity in the property
Posted - 06 April 2008 : 10:19:51
