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Max Lowry
Max Lowry, Advocate
Category: Bankruptcy Law
Satisfied Customers: 80
Experience:  LLB, 10 years post qualification experience
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Hi I am bankrupt but still living in my house at the moment. My

Customer Question

Hi
I am bankrupt but still living in my house at the moment.
My Trustees have not been in contact yet and it's been over six months
I have borrowed money to pay the mortgage each month hoping that I can, or a relative can buy the BI, and then the idea was once my year was up I could either give a second charge to the individual or try and sell it to pay back the loan (at the time hoping there was equity in it after a year or, more then probably, waiting until there is).
Now that we are six months in I'm worried that with the recent house increase there may be equity in it (we had pro val last year which showed negative equity). If this is correct and the trustees want to sell it I will be left with another loan I cannot pay back.
How will the trustees see this as I only accepted the loan as I thought the property was in negative equity and I could buy back the BI. I also showed the val to the individual who lent me the money and that's the reason he lent me the money. I obviously thought this would have been sorted by now and that's why I accepted the loan.
Thank you
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Nicola-mod replied 4 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 4 years ago.


Hello Nicola


I would really like an answer to my question if possible


Many thanks

Expert:  Nicola-mod replied 4 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Clare replied 4 years ago.
Hi
Thank you for your question
My name is Claire and I shall do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
Claire