OR AND MORTGAGE PAYMENTS

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pm.e

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Post by pm.e » Mon Jul 30, 2007 11:27 pm
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Hello,

Does anyone know if you petition for bankruptcy, can the OR make you sell your home, and make you rent for cheaper accomodation?

I am worried that the OR may make use sell up and get cheaper accomodation?

I can meet the mortgage payments, does anyone know?

Many thanks,
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Adam Davies

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Post by Adam Davies » Tue Jul 31, 2007 11:23 am
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Hi
If you have equity then the OR can make you sell your home,however they will normally give you twelve months to find alternative accomodation and give a third party[could be your spouse,family or friend]a chance to buy out your equity.That way you can stay in the property and just continue to pay your mortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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