Hi, I am panicking can someone please help. I am currently going through the Mortgage Rescue Scheme and it was due to complete today but hasn't, my solicitor has told me it will now be next friday but that is also the day for my BR hearing. Can the transaction go through for the house on the same day as BR.
The reason I am panicking is that 40% equity is being purchased in my house by a housing association and they a paying a sum to the mortgage company and a sum to our secured lender who currently has 2nd charge, they have agreed to release the 2nd charge and the remaining balance will become unsecured so that the housing association can take 2nd charge. The secured lender does not know of the BR otherwise they would not agree to it.
I can't get another date for BR until 3/7. It has taken since March to get this far and I don't want it to go on any longer I just want to get it over and done with.
I am thinking that the secured lender, Welcome will not know of the BR until after the transaction has gone through so it shouldn't affect anything but can they do anything afterwards?
Anthing to calm my nerves will be much appreciated.
My advice would be to postpone the bankruptcy hearin ghten you are above criticism - it could be deemed wrong to have the second charge agree to become unsecured knowing full well that the same day you are going bankrupt and the unsecured debt falling into the bankruptcy - does not look good...so ring the court Monday explain your dilemma and ask for any available date (they sometimes have emergency dates/times available or are aware of cancellations.) If it is not possible to have an appointment for a couple of weeks sobeit - i appreciate it is going to delay things but better that than have Welcome Finance complaining
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Hi, I am panicking can someone please help.
Posted - 22 May 2009 : 17:43:48
