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.
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.
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.
keeping our house top priority
Posted - 03 June 2009 : 22:18:20
