my wife and i were made bankrupt almost 1 year ago. our creditors trustee ( mitchell charlesworth) has written to us asking for us to confirm our proposals in respect to the property ie our mortgaged home. we know that there isnt enough value in the property to pay off the creditors and i have read that a relative can buy the debt from the creditors for as little as a pound plus legal fees. How do we go about prosing this ? thank you. steve
The Trustee is looking to get the beneficial interest out of the property, so basically the difference between the property value and the mortgage. A relative can only buy this for a pound if there is no equity.
Have you had the house valued and got an up to date mortgage redemption statement?
my wife and i were made bankrupt almost 1 year ago
Posted - 01 May 2009 : 13:21:34
