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 If my house is revalued into positive equity does the OR have a time scale to repossess it ?
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Starting Member

3 Posts

Posted - 21 February 2016 :  16:25:33  Show Profile  Visit Will.sm's Homepage  Reply with Quote
Hi, please could someone advise me of what happens to my property in the following situation. I was declared bankrupt 2 years ago i own my house so an order was placed on it as it was in negative equity the OR said they would get back within 3 years to determine what was going to happen to the property ( i think they were going to see if the value improved ), if they revalue the house into positive equity do they have a time scale to sell the house whilst i am still living there or will they just repossess it? Thank you


United Kingdom
4590 Posts

Posted - 21 February 2016 :  17:58:45  Show Profile  Reply with Quote

Not sure although I think the OR can keep an interest in it for two years and three months but what happens after that I have no idea.

I am sure Viki will be along to advise further.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 24 February 2016 :  08:18:04  Show Profile  Reply with Quote
The OR will value it again at the 2 year, 3 month mark and then they have up to 3 years from the date of bankruptcy to deal with it.

Have you had the house valued yourself? Is there any equity now?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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