Author Topic: Keeping the house  (Read 2849 times)

herbie

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Keeping the house
« on: Nov 27, 2007, 10:20:00 PM »
Can you keep your house if you are made bankrupt? Not only would it be a major inconvenience seeing as well are fully settled in this neighbourhood, but it would also highlight our plight to everyone in a rather embarressing way. What are the options for keeping it?

Chris

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Re: Keeping the house
« Reply #1 on: Nov 28, 2007, 08:42:08 AM »
If there is positive equity in your house (the value of the house minus what you owe on it), then you can buy back the beneficial interest by paying the equity amount to the OR (usually with the help of family or friends).

If the house contains negative equity, you can buy the beneficial interest for a token amount (£1) plus legal fees.