I am living in my own property which was purchased on 100% interest only mortgage. The value of the property is less than when purchased (2 years ago) due to the economic downturn. I have no personal equity at all in the property for the aforementioned reasons. I am long term unemployed and the mortgage is currently being paid by the Dept of Works & Pensions (DPW).
I have various creditors which I can no longer pay and wish therefore to make myself Bankrupt.
My question is this - After I am declared Bankrupt can I be forced to sell my home to pay creditors as this would leave me homeless and without any prospect of being rehoused.
If the property is in negative equity then you can purchase the BI (Beneficial Interest) from the OR for £1 + £211 fees. The mortgage repayments would need to be kept up to date.
I am living in my own property
Posted - 24 October 2009 : 14:31:08
