My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand I am very limited on what I can tell you and that you may have to get more detailed advice.
If the debt has not been paid, then the trustee can take the property and sell it.
The only way to save the house is to pay the trustee the balance of the debt that is still owing. Going bankrupt will wipe the debt but if you have assets the trustee will sell them to get the money to pay the debt.
I am not sure who told you that you would not lose the house but that is incorrect information.
They can only take the money owing plus the costs of the trustee and no more the balance will be given to you.
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