As you will have read from my previous posts, we are in negative equity and hoping to keep the house and buy back the beneficial interest. However to cover our backs in case things go wrong in the future, where do we need to show the fact we are in negative equity on the form? Once this is listed, will this cover us for if the very worst occured we couldn't keep up our mortgage payments in the future.
Section 4 has the list of secured creditors and you should include the mortgage details in this section. Normally the OR will look for a valuation of the property to confirm that it is in negative equity unless the negative equity is quite substantial and then they may look at similar properties in the area to confirm this.
If you couldn't keep up the mortgage repayments then the mortgage company would still be in a position to repossess the property.
Statement of affairs
Posted - 28 June 2009 : 16:27:15
