Will the equity release be reversed ?

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lee.h

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Post by lee.h » Thu Jul 17, 2008 9:41 pm
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I TRANSFERRED NY 33 PERCENT OF HOUSE INTO MY MOMS NAME WHO THEN EQUITY RELEASED 100 PERCENT OF THE HOUSE AND SOLD IT TO AN EQUITY RELEASE COMPANY.THE HOUSE WAS WORTH 110000 .THEY GAVE HER 45000 AND NOW SHE LIVES RENT FREE FOR HER LIFE.4 MONTHS LATER I AM NOW BANKRUPT.WILL THEY REVERSE MOMS EQUITY RELEASE AND CHASE US .HOW DO WE STAND
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MelanieGiles

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Post by MelanieGiles » Thu Jul 17, 2008 9:44 pm
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Hi Lee and welcome to the forum

You will find that the OR will want to pursue your interest in the property - ie the £36,000 from the sale at undervalue. There is bound to be some form of legal battle between your Trustee and your mother/the purchaser - but this is a complex area of the law.

What has the OR said about the transaction so far?
Regards, Melanie Giles, Insolvency Practitioner
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