Hi, Have just gone bankrupt. My commercial property has 3 charges on it but only the first mortgage is being paid. This is because I have a tenant in the property for another 4 yrs. The mortgage company have just told me they will not be auctioning the property as their mortgage payment is being paid. After I am discharged in a years time providing the tenant has kept up payments, do my other two secured debts get written off at all. If property isnt sold within 3 years of the bankruptcy do I get the property back, or can the official receiver over rule the mortgage company into selling the property to realise my asset? Can anyone clarify for me please.
the secured debts are secured until you either sell, remortgage or potentially have the property included in the bankruptcy and hand it back to the OR.
If there is equity, a surplus in rent over mortgage or the possibility of there being equity in the forseeable future the OR will register an interest.
If there is equity the OR is likely to appoint a trustee and they will investigate the commercials of releasing the equity - by sale if necessary.
Hi, Have just gone bankrupt.
Posted - 29 April 2009 : 19:58:25
