OUTONALIMB
Registered User
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I am about to apply for bankruptcy and have been trying to sell my house (in neg eq.) Bank has agreed to the sale but the judgment is stopping it. What are my options, just hand back keys?
Bank has agreed to the sale but the judgment is stopping it.
Hi, and thanks for the responce guys. My only concern is that I have been told the bank can hold the property through the bankruptcy period and not sell. The dept is then still ongoing after bankruptcy and can then be chased.......
I intend to establish COMI in UK soon in relation to liabilities in Ireland principally a mortgage. Is there any action that my Irish mortgage company/bank could take that would stymie the bankruptcy application. I will not be informing them of my (future/imminent) action but obviously if they visit my house and see it bare of furniture, it wouldn't be too difficult to conclude that. The house is about c. 50k in negative equity at current values for an outstanding mortgage balance of c. 250k e.g.
I would strongly recommend contacting an Irish insolvency / solicitor. They can arrange the sale of your house while you establish your COMI. It is ALWAYS preferable to translate your loan from secured to unsecured (house sold) when applying for UK bankruptcy - as it makes the process more straightforward. The bank may be willing to pay solicitor fees plus auctioneer fees to ensure property is sold. Write to your bank as soon as you arrive in UK and register the letter. The Official Receiver appreciates when you've been upfront with your creditors. You've no reason to withhold any info. - so why bother?