Anyone managed to keep their house after BR???

melf_2

Hi,

Just wondered if anyone has managed to keep their house after going BR? Ours is 100% mortgage for £123,000.

I honestly don't know if I even care anymore but I'm feeling mixed up and wanted to hear other peoples experiences.

Spoke to CCCS today and they said I would defo lose it because one of the creditors will put a legal charge on it which will remain on indefinitely. I thought that the OR could sell it for up to 3 years? Is this wrong?

I feel like such an idiot with all this, I know everyone thinks I'm wrong to be buying again, I'm sure I am wrong but I'm not doing for investment hopes or anything, just want a house that for however long will feel like home.

yes i have doubts that we've done the right thing, I'd be lying if I said not. Is too late now though, contracts exchanged last week. I feel like I'm messed up again already.

Conor_3

THIS ADVICE IS ONLY FOR ONE PARTNER BANKING.

I kept my house. When I went bankrupt there was £3000 equity in the house, half of which became the ORs interest. My wife purchased the ORs interest of him for £1500. Took a few months to go through but it sorts it out.

YOU MUST DO IT AS SOON AS POSSIBLE as the house is revalued, at your expense, before a figure is calculated so the longer you leave it, the more equity there is and the more it'll cost to buy the ORs interest.

gettingitsorted

Hi here is the link to the "what will happen to my property" from the insolvency service

http://www.insolvency.gov.uk/guidanceleaflets/home/home.htm