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Property question 2 years post BR
kyronsmummy
Posts: 19 Forumite
I am hoping someone can help me with this.
My husband went BR in Jan 09. We own a property (mortgaged) and as it was in negative equity we kept the house. I know that the OR can come back at any time within 3 years following BR with regards to the beneficial interest. Because it was around -£8k less than the mortgage I have never done anything about it. I did consider buying my husbands share for £1 + the OR's solicitors' fees but I honestly cannot see the property value increasing to a level that even breaks even if you know what I mean.
We have just had a letter from OR about the property again. I have had it valued and it is still in negative equity by about £4k. What I want to know is should I buy the beneficial interest now or run the risk of it increasing in value and maybe the OR will swoop in and force a sale.
I am just so confused. If I buy him out I have to pay the OR's solicitors fees and that is money I just don't have.
We only have 12 months to go!
Has anyone been in the situation and can give me some advice?
Thanks in advance and sorry for the lengthy post.
Sarah x
My husband went BR in Jan 09. We own a property (mortgaged) and as it was in negative equity we kept the house. I know that the OR can come back at any time within 3 years following BR with regards to the beneficial interest. Because it was around -£8k less than the mortgage I have never done anything about it. I did consider buying my husbands share for £1 + the OR's solicitors' fees but I honestly cannot see the property value increasing to a level that even breaks even if you know what I mean.
We have just had a letter from OR about the property again. I have had it valued and it is still in negative equity by about £4k. What I want to know is should I buy the beneficial interest now or run the risk of it increasing in value and maybe the OR will swoop in and force a sale.
I am just so confused. If I buy him out I have to pay the OR's solicitors fees and that is money I just don't have.
We only have 12 months to go!
Has anyone been in the situation and can give me some advice?
Thanks in advance and sorry for the lengthy post.
Sarah x
Drowning in Debt - £42,074.03:
Loan £12,000; CC £10,658.40;
Loan £6,780; CC £5,400;
CC £5,600; Store £1,035.63; OD £600
:eek::eek::eek::eek:Loan £12,000; CC £10,658.40;
Loan £6,780; CC £5,400;
CC £5,600; Store £1,035.63; OD £600
0
Comments
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See the thread about new rules for properties on the main page as this may have a bearing on what happens in your caseHi, 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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