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bR and house
bobblebot
Posts: 155 Forumite
Can someone help me.
What happens to a house following BR. I haven't heard anything at all. My house only has probably a couple of thousand equity in it but has a 8000 redemption fee. Bank is about to repossess unless I start to pay my mortgage, I have just got a PT job so can just about afford to pay it now. My question is what does OR do now...will they write to tell me want it dont want it is this done before discharge?
In either case will I have to pay beneficial interest or if they say its worth nothing do they just want it back. The thing is it may not be in my best interest to keep, so OR has said as it stands if bank repossess costs will be written off in BR.
What if I start to pay mortgage and then don't....and then bank repossess will it still be written off. If I don't pay BI will the house be repossessed.
Anyone any guidance please.
What happens to a house following BR. I haven't heard anything at all. My house only has probably a couple of thousand equity in it but has a 8000 redemption fee. Bank is about to repossess unless I start to pay my mortgage, I have just got a PT job so can just about afford to pay it now. My question is what does OR do now...will they write to tell me want it dont want it is this done before discharge?
In either case will I have to pay beneficial interest or if they say its worth nothing do they just want it back. The thing is it may not be in my best interest to keep, so OR has said as it stands if bank repossess costs will be written off in BR.
What if I start to pay mortgage and then don't....and then bank repossess will it still be written off. If I don't pay BI will the house be repossessed.
Anyone any guidance please.
0
Comments
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Bobblebot
There are some real expert on here who will help later.
But at the moment, you are in negative equity, effectively, so it may be possible to buy the BI from the OR for a very low fee (before the issue of the redemption penalty ceases to make the equity sums negative).
The thing is
Do you want to keep the house?
Is it likely that you could get more work in time.
Would you be able to pay the mortgage long term?If you've have not made a mistake, you've made nothing0
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