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want to keep house but arrears

LTP123 · 2011-09-08 15:15:48

Hi everyone, We are declaring Bankruptcy next week but this month have fallen behind with the mortgage. We won't get it up to date this month. What will happen? We already owe NR the loan part of the mortgage so will we automatically get kicked out? First time we have ever missed mortgage. Thanks for your help.

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silvercar Posts: 49,497 Ambassador

9 September 2011 at 10:27PM

I need to know for sure if we will be allowed to stay in our home if its in negative equity and we have fallen one payment behind. Does anyone have any experience of this?

Well the negative equity should mean the OR will do nothing with the beneficial interest for the moment. In 2 years and 3 months time they will look at the situation and you should be able to buy back the BI. If it is still in NE then it would only cost you the legals, if its gone up in value and has equity it will cost you more.

I can't see a lender repossessing for one months arrears, but if the arrears got bigger the risk is higher.

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