Delay repossession

[Frank38]

Can we delay repossession until June 2016.
June 2015 is the last month of the first 12 months of Bankruptcy.
We were hoping to stay in our house until June 2016 which is when the interest-only mortgage term ends and we would have had to repay the mortgage capital. We can't because we are now bankrupt.
The Bankruptcy Trustee has written to say that after July 2015 they can apply to court to repossess.
We were hoping to stay here until June 2016 and then find rented accommodation.
Is there any way we can ask for repossession to be delayed until June 2016 ?
Would be very grateful for comments. Thank you.

[Crazy council]

Re: Delay repossession

Hi

is there any asset in the property, and are there any arrears on the mortgagee ?. this can govern how fast or indeed, if they act

[Frank38]

Re: Delay repossession

Hi
Equity is about £5000. No arrears, never have been ( 12 years ) We do not have any savings left or any assets.
Thank you
Frank

[Crazy council]

Re: Delay repossession

aa, small equity, they may not go for your house, or may ask you to pay a small amount, is house in partners name as well, was u bankrupt or both.

https://www.gov.uk/government/public...ptcy-your-home

thats a good start for you, lots of people on here been in the same possition in the past, Look at what is your beneficial interst in the property

[Crazy council]

Re: Delay repossession

this 5K equity

as well as that, they have the consideration of costs of sale, If a few jobs need doing to get it ready for sale, ( say 3k, ), that has to be considered. The more clear asset, the more faster they will act. The less, the more chance you have of having time to sort things out.

If the asset is more, and the trustee goes for the house, thety can still be reasonable about you staying whilst its sold, and its better in your long term interest to make sure the mortgagee is clear, ie, helping the trustee, costs less, so if the sale pays back your mortgagee fully, it will make it easier to get a mortgage in the future.

[Frank38]

Re: Delay repossession

House is in partners name. We both went bankrupt. We are both 67 and receive state pension.

[Crazy council]

Re: Delay repossession

understood, so the trustees beneficial interest, would be the asset in the property, minus the costs of sale, or any prep work required.

You will need a few valuations to get a figure both you and the trustee can agree on as the beneficial interest, It may not be worth the trustee taking action, if after the figures for the value are agreed on, Iffy boilers or electrics would need doing before a sale, Even if there is enough asset for the trustee to take action, they still may be willing to let you stay while it sells, and may even wait a year,

The trustee has 3 years at max to deal with your property