BI on my property

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

samantha.rs

User avatar
Posts: 1
Joined: Mon Sep 27, 2010 11:58 am

Post by samantha.rs » Mon Sep 27, 2010 11:58 am
After reading many stories on here I took the steps and went to court and so far it has been the best thing ever. Although I do have a few worries about my current property which is mortagaged. I am not behind on payments and my sons and partner live here with me. The questions I have are about when I renew my mortgage can the company I am with refuse to re mortgage?Even though I have been tied in for 10 years before I was bankrupt. i am just panicking. I have been bankrupt since march 2009 and have been discharged. I got a letter from the courts about the BI on my property. I did pay the £211 and the £1 and sent in all the quotes from the estate agents. However they then asked me a year later if i still want to buy. I am fuming as I went through people nosing around my house and having to answer questions as to why I am selling. So again I have got some quotes in writing. My quotes were £172,950 and 175,950 my mortgage is 180,000 so how do they work out what is to be paid. It looks to me like I am in negative equity. any advice would be useful.
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 27, 2010 12:09 pm
If you are in negative equity then I was under the impression that you just paid the £1 plus the fees to take the house out of the equation.

Hopefully one of the experts can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

RHB

User avatar
Posts: 353
Joined: Fri Jan 02, 2009 4:27 pm
Location:

Post by RHB » Mon Sep 27, 2010 1:43 pm
Sounds like things have been messed up somewhere. Did you write a cheque for the BI - you need to checK if it has been cashed.
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Mon Sep 27, 2010 9:05 pm
The Trustee does not have to accept the offer of £1 plus costs. They can sit on that property for up to three years before they need to decide what to do. In a property market which may be showing signs of improvement many practitioners - including myself in my own bankruptcy portfolio - are taking a longer term view.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 27, 2010 9:13 pm
Thanks for that Mel, I wasn't aware of that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”