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Bankruptcy - Sell to Rent Back
Comments
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Thanks for the reply. I've looked into this scheme. Because of the amount of negative equity in my home, I'm not eligible for this scheme sadly.0
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If you're in negative equity then an OR wouldn't take your house anyway so why are you looking at sell and rent backs? Excuse me if I've missed something.Total 'Failed Business' Debt £29,043
Que sera, sera.
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Well, I've read exactly that.
However, when I spoke to CCCS about the possibilty of Bankruptcy, they said that wasn't the case. They told me that Neg Eq wouldn't neccesarily mean I would keep my home. so if I wanted to keep my home, then don't go down the BR route.
So at that point, I started looking into other options and came across the Sell to rent Back options.
Now I'm confused!0 -
blacksheep999 wrote: »Well, I've read exactly that.
However, when I spoke to CCCS about the possibilty of Bankruptcy, they said that wasn't the case. They told me that Neg Eq wouldn't neccesarily mean I would keep my home. so if I wanted to keep my home, then don't go down the BR route.
So at that point, I started looking into other options and came across the Sell to rent Back options.
Now I'm confused!
Some employees of the CCCS post on here, so one of them should be able to give you a definitive answer.BR 4/10/07
ED 11/04/08
BSC Member No 930 -
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It really depends on the OR, but if you have little or no equity then most of the time you are able to 'buy back' the interest in your home and keep it so long as you can keep up with the normal mortgage payments post BR...Total 'Failed Business' Debt £29,043
Que sera, sera.
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If you have little or no equity then the OR will have no interest in selling your house. Why would he, there is nothing to gain from it. If you can afford the mortgage repayments and any loans secured on it and they are not unreasonable then the OR will let you buy the BI on your property.
Ring National Debtline and get a second opinion.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
As beenthere says, if the house is in negative equity and the payments are reasonable the OR will never take the propertyHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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