Hi Am I right in thinking that if we are in negative equity we WILL NOT be made to sell?? Will the OR have the house revalued before we are discharged?? Julie
The property would only be sold to release equity. If it is in negative equity then you can buy back the interest for £1 + £211 fees.
The OR will look at the values of similar properties in the area as a rough guide to the value and if it is close to having equity then will probably have a valuation done. The property side of bankruptcy takes several months anyway so there should only be one valuation within the 12 month period that you are BR.
Negative Equity
Posted - 15 July 2009 : 14:17:05
