I have just passed my 6mth of Bankruptcy and cannot make my mind up abput my Home. I spoke to the OR a month ago and he said that I need to decide if I am going to give my house up then the Neg equity £12,000) will be covered by my BR. I need help with a few questions 1.If my Mum buys the Beneficial Int does that mean I will be liable for the negative equity again.
2. If no one buys the BI does the negative equity return to me after my year of Bankruptcy is up or is it still covered because it was in my SOA.
3. If I give my house up how do I go about doing this to enable myself to save a deposit for renting a home.
4. Will people rent a home to people with a dog, I have a cocker spaniel which I do not want to lose.
Hope someone can help
G xxx
There is light at the end of the tunnel, I can actually see it !!!!
1.No until you remortgage or or sign any other document acceptin liabilty the Shortfall will always fall into the bankruptcy if the property is sold. 2. As above 3.You would just stop paying the mortgage, it will take several months for the property to be repossessed. Make sur you do not sign anything accepting liability for the shortfall. 4. Depends on the landlord
Just to add you do not have to make a decision now. If you are paying the mortgage the property will not be sold whilst it is in negative equity. It may remain in negative equity for a long time to come and you can buy the BI later if you want to. If it is still in negative equity after 3 years then the BI will be returned to you automatically
4. There are people who rent their properties to people with dogs so don't worry. My parents had a cocker spaniel and they rented a couple of properties when moving to new areas before buying. You may find that you will need to pay an extra charge when you move out to have the property professionally cleaned but this is normally specified in the initial contract.
Confused about my Home x
Posted - 11 September 2009 : 19:46:30
