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Topic starter
01/11/2014 3:38 pm
Hi
What obligations to I have if I am sequestrated and my home is put up for sale?
I have been told that my trust deed payments would stop and once the house is sold that the proceeds would be used to settle the trust deed, fees and interest with any remaining monies being returned to me and I would be release from the trust deed.
Am I still obliged to do anything else stipulated by the Trustee?
Thanks
01/11/2014 6:04 pm
Hi gresgow.
I'm a little confused as sequestration and trust deeds are different things. It's one or the other that will apply here.
You'll always be obligated to your trustee in certain ways (protected trust deed or bankruptcy) until such time that you're discharged.
I think it's worth pointing out, in your specific circumstances, that the longer it takes for everything to be resolved, and the more contentious issues that have to be dealt with, the less you'll eventually receive from the proceeds of a sale of your home if it does come to that in the end. Fees will be based on the time costs involved for your trustee.
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