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How long does the OR keep interest in property?
Skintnorthernmonkey
Posts: 37 Forumite
Hi folks
After discharge, if the OR has an interest in property you own, how long does that interest remain? When does it revert back to you? And, how do you know it has reverted?
My house was about parity with equity when I went bankrupt. Now I am discharged I am trying to piece things back together, and I am wondering at what point my house is "mine" again, since I am still paying the mortgage and chipping away at the balance. How do you know when this has occured?
Can anyone offer advice?
Thanks
After discharge, if the OR has an interest in property you own, how long does that interest remain? When does it revert back to you? And, how do you know it has reverted?
My house was about parity with equity when I went bankrupt. Now I am discharged I am trying to piece things back together, and I am wondering at what point my house is "mine" again, since I am still paying the mortgage and chipping away at the balance. How do you know when this has occured?
Can anyone offer advice?
Thanks
0
Comments
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Normally it is 3 years from the date of bankruptcy, assuming your property is the home where you are living.
At around 2 years 9 months, the OR should be in touch with the intention of valuing it, to see if there is any equity in it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Gotchya. So... There's no incentive for me to pay off more of the mortgage, nor is there incentive to make any real home improvements or spend money in it in the interim...0
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Skintnorthernmonkey wrote: »Gotchya. So... There's no incentive for me to pay off more of the mortgage, nor is there incentive to make any real home improvements or spend money in it in the interim...
Definitely not. In fact it would be beneficial if your mortgage was interest only as any capital repayment increases the equity and any increase in equity could result in the OR asking you to buy back off them!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
The OR could place a charging order on the property.....0
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