Posted: Fri Nov 19, 2010 4:50 pm
I need some advice folks, more related to Bankruptcy I guess. We are 12 months into an IVA and struggling, my wife is going to give up work due to the pressure of child care etc, this will mean we cannot continue our IVA and will have to declare ourselves Bankrupt.
However, I want to try and save my property if at all possible. We are in negative equity by roughly the amount of the 2nd mortgage (ie value is around that of the main mortgage), if the payment for the 2nd mortgage is factored in we can't afford to eat etc whereas if this is taken out we can just about break even with the basic income and expenditure allowances.
So the question is, if we go BR can the 2nd mortgage loan just be written off or will the OR be likely to force the sale of the property to realise some money even though it would all go to the first charge holder?
However, I want to try and save my property if at all possible. We are in negative equity by roughly the amount of the 2nd mortgage (ie value is around that of the main mortgage), if the payment for the 2nd mortgage is factored in we can't afford to eat etc whereas if this is taken out we can just about break even with the basic income and expenditure allowances.
So the question is, if we go BR can the 2nd mortgage loan just be written off or will the OR be likely to force the sale of the property to realise some money even though it would all go to the first charge holder?