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Niobe
Administrator
United Kingdom
4590 Posts |
 Posted - 02 June 2009 : 08:49:34
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If you become bankrupt and you have no equity in your home, it is unlikely that the OR will be interested in it and you can buy back the beneficial interest for £1 plus £211 costs. This will take the house out of the equation and as long as you can pay the mortgage you will be fine.
If you have equity, as you have three children then you are usually allowed 12 months grace before you have to move out as obviously the OR will want to sell the house to realise the equity.
If you can get someone to buy the equity, then again, you would be able to stay there.
The glimmer gets brighter all the time
Jan
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what happens to my home I have 3 small children.
