My husband and I went bankrupt on the 4th Sept and we have had our interview with the OR what we want to know is, we have a mortgage of 162 and (2) valuations of 165 & 170 will the OR sell our home?, if so would we ie family member or friend be able to buy the benefical interest?
Normally if there is less than about 10K equity in the property the OR will not force a sale. The OR has 3 years to deal with a family home. You will be offered the chance for someone to buy the equity. If you decide not to at this time it is likely that it will go on the shelf for the next 2 1/2 years. Then the OR will look at it again based on its value again. If there is a lot of equity in the property they may sell the property (after offering it to you again), if there is a little equity they may put a charge against the property. if there is no equity then it will revert back to you at the 3 year mark
Thank you for the good news, that is such a relief knowing that our home should be safe. , it is amazing to see the amount of people going through the same as we are and knowing that there is a light at the end of the tunnel. I would also like to say we have received fantastic advise and support from Melanie Nicholas at Jones&Giles.[:D.
My husband and I went bankrupt on the 4th Sept
Posted - 26 September 2009 : 18:10:05
, it is amazing to see the amount of people going through the same as we are and knowing that there is a light at the end of the tunnel. I would also like to say we have received fantastic advise and support from Melanie Nicholas at Jones&Giles.[:D.
