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T O P I C R E V I E W
donefor
Posted - 03 June 2009 : 22:18:20 our house is bordering on negative equity. mortgage and 2nd mortgage totalling nearly £1200. would the OR make you sell your house and rent somewhere less expensive so you would have more to contribute to an IPA.
2 L A T E S T R E P L I E S (Newest First)
Deedee
Posted - 06 June 2009 : 21:42:50 Though I have seen OR's look at the rent in an area and if the mortgage and secured loans are a great deal more than a rental property then they have wanted the bankcrupt to move into rental so they can realise the extra for an IPA. I have also heard of one who's OR only allowed the amount a rental house would cost on the SOA and the bankruptee had to find the rest out of surplus to make up the mortgage/SL payment.
Posted - 03 June 2009 : 23:00:58 If the house is in negative equity, it is unlikely the OR would want it. If it were sold then there would probably be a shortfall which would make your debt even greater.
