If there is no equity in the property, any decision as to whether a sale will be ordered, will be deferred for two years and three months. During this period, you will remain in the property as always, provided you continue making the mortgage payments. What happens after 27 months depends on whether or not the property has escalated in value. If things are much the same, the Trustee (Official Receiver) will relinquish his interest in the property.
If there has been a slight increase, he might place a charge against the property, to be redeemed when the property eventually sells. If the property has increased sharply in value, he might apply to the court to have it sold or ask you (or a friend / family member) to buy his interest in the property. A lot of people get confused about this subject and it might be best to call us.
Feel free to call us on 01425 600129 with any other bankruptcy questions or for bankruptcy help.