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Bridging Loan checks with a Bankrupcy hearing upcoming

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  • Bridging Loan checks with a Bankrupcy hearing upcoming

    Hello

    I really wasn’t sure if this was the correct forum, please move this post if it's not.

    I have a bankruptcy hearing. I am extremely hopeful that [due to another case/fault] this either won’t happen, or will be delayed – and the other party should end up [owing] paying HMRC.

    At the same time, not connected, my mortgage lender is trying to repossess. I own 75% of the equity in the property. But due to caring for a parent I no longer work.

    I attempted to get a bridging loan. I thought this solved the bank issue. My property is already for sale. And I had a near miss where the bank would have taken the house and I would have got a lot less for it [after their fees/price they get for it as they only care about their 25%/etc] and it would have taken a longer for them to sell it. They had the order, and on the day I was to leave the property, I won a court case to get a three months extension.

    The idea of the bridging loan is it would give me a year to sell the property. So I could regain any ‘loss’ getting/having the loan, in getting a better price – than if I have to try and rush sell it now, before the bank take it away from me in a couple of months.

    The bridging loan company had seemed perfect, they then mentioned [yesterday] about the ‘listing for a bankruptcy hearing’. And that now appears dead.

    Question: Do they have a list of upcoming bankruptcy hearings, as in will all bridging loan companies do that search and I am wasting my time

    Question: Am I allowed to get a bridging loan – I only today thought maybe I am breaking some rule/law by asking

    Question: Am I allowed to sell the property?

    Question: Will any property buyer legals check the same list and kill any deal?

    As if I wait for the bankruptcy to sort itself out [you can never be sure but it strongly looks like I should NOT be held accountable for this] it will be too late in regards to the bank/the house.

    Like I could put the property into an auction now – I guess… but I’d rather get a higher price through getting a bridging loan and making a sale over the next year... and with the above questions maybe I can't put it into an auction anyway?

    I’m sorry to bombard so many questions – I’m just a little lost

    Thanks

    K

    Tags: None

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