What will happen to our home?

Djem6

Hi,
Myself and husband are recently bankrupt , just had a house valuation which came back st £250,000 , however with mortgages and charges etc we owe £280,000.. What do you think will happen to our home?
Thank you for reading

luvchocolate

Hi the O.R has up to 3 years to deal with a family home, so I would think they will look at this nearer that time to see if there is any equity in the home.

Djem6

Thank you for your reply , hate the thought of not knowing what will happen for 3 years , really want to do everything we can to save our home .

tigerfeet2006

The OR normally revisits property at the 2year 3 month line so any negotiations can be done in time for the 3 year dead line. Do you think it will be in equity in the property by this time?

Djem6

We are £30,000 in negative equity at present due to second mortgage and charges secured on the property , our actual amount owed in the mortgage is £250,000 which is the current value , so if property prices stay as they are we would be ok but with our look prices will rocket ! It's a gamble we have no choice to accept I suppose . Thanks for your reply .

debt_doctor

Hi,
You could make an offer to the OR to buy the beneficial interest in the property now.
This offer would need to be at least £1000. They might go for that or might not, if not you would have to decide on whether to increase your offer. Of course this all depends upon if you can raise any funds to attempt this. (bear in mind you are both bankrupt, so the funds would have to come from a third party)
DD

Djem6

Our son is willing to make an offer, I thought this was no longer allowed until the 2 year 3 month period was up, has anyone any recent experience of making an offer and it being accepted?

tigerfeet2006

Not had that many on the board as most people wait to see what happens. I think I recall one this year.

It's a simple process you just conta ct the OR and say you would like to make an offer for the beneficial interest. As DD says its £1k plus fees.

Djem6

Thank you, I think we will give it a go, the thought of waiting for 3 years and praying property prices don't rise worries the life out of me , thanks again