My house is in negative equity and we are also in arrears with the mortgage, we have applied to the bank for an assisted sale which we are just waiting for them to get back to us.I am just wondering if we sold our house to rent back could we put the shortfall into bankruptcy as this is what we are doing anyway.if we did sell to rent back I understand they do not give you the market value of your house anyway but could this shortfall go into the bankruptcy?
Sale and rent back schemes are now highly regulated and in either case you would need to be able to clear the mortgage to be able to do so which means the buyer would have to pay substantialy more than your property is worth and on sale and rent back they only pay about 70% of your homes value so this is not an option I am afraid
sell and rent back
Posted - 27 February 2012 : 16:39:55
