Hi, Im quite confused what I do about my house and what i need to do after the bankruptcy. I read that i can stay for up to a year if i haven't defaulted on any morgage payments, is this true? Im planning on going bankrupt very shortly but would love to stay in my house until at least early next year.. will the morgage company give me a date to move out? many thanks for your help.
Yes once BR you are able to stay in your home if you continue to pay your mortgage and also if you wish to buy the BI in your home you can stay indefinately.
Are you hoping to continue to live there and buy the BI as the housing market is dropping all the time and you may depending on the value and mortgage be lucky to go into negative and pay the minimum to stay put.
While that does not sound good at the moment as obviously we want our houses to rise in value it is good in the sense that any BI will be lower.
Jo x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called: Jo's Links and added info on Bankruptcy! http://debtfreejo.blogs.bankruptcyhelp.org.uk/
The mortgage co. probably won't have much interest in the proceedings as long as you are paying the mortgage.
It is the OR/trustee who will be taking action to secure the Beneficial Interest as Jo suggests above and they are the ones who will decide the timescale.
Rgds
'Bankruptcy - an elephant from the front - a mouse from the back'
Hi,Im quite confused what I do about my house
Posted - 08 November 2008 : 20:10:26
