Help again for F & F

[jillybean]

We have had enough! Valuation obtained now on our property of between 145k and 150k - mortgage owed of 117k.
IVA 24 payments left amounting to approx 9,800k with final payment in 5th year of 19,500k
Lets say we get permission to market the property, and sell for the minimum of 145k - equity available after estate agent fees and other fees of 25k.
Do you think creditors would accept this?
Other alternative is bankrupcy where they would end up getting considerably less.

Advice desperately needed please.

Thank you

[Adam Davies]

Hi
Yes
If you had to remortgage in the fourth year you would only be able to remortgage for a maximum of 85% and would raise only 6k if prices remained the same.
Offer 17k,leaving enough for you to accept 140K and secure a rented property.
Regards

[MelanieGiles]

I think that this makes a good offer, Jilly, and I would certainly put it forward if you were my client. Make sure you take into account the costs of removal and a probable rental deposit in calulating the sum you are prepared to offer.

[Soulgrowth]

Good luck Jilly ... there's always a solution ... somewhere ... it just takes time to get there.

What will you do for somewhere to live?

Debbie

[jillybean]

Rent - there seem to be some good properties around where we live at the moment. For the first time this week I think I may have a good nights sleep.

Thank you all

[Soulgrowth]

Good on you Jilly ... since my own 'journey' began I have become a great believer in that when you 'connect' with that sense of inner peace and calmness ... then you know that you have reached the right solution. My thoughts are with you ... sleep well xxx

Debbie

[jillybean]

Andy/Melanie, just one final thought, will our supervisor grant us permission to sell our property?

[MelanieGiles]

I cannot see why not, but you do need to engage them in the process.

[Adam Davies]

Hi
As Melanie states keep them in the loop and inform them that you are putting your property on the market with a view to offering a F+F.
Good Luck

[jillybean]

Another question now please. Bit the bullet this weekend and asked Dad for help. He said yes!!!! Could find about 15k for us but worried now this may not be enough.
Could I have your thoughts please.

Thanks

[MelanieGiles]

I think that question is one for your own IP, Jilly, but the offer looks reasonable to me and ought to be taken seriously.

[jillybean]

Melanie
We are gutted. Offered 15k to our IP last week and they say no, minimum they would probably accept is 21k - I have to ask this but could they be pulling a fast one? They offered us a payment holiday of 6 months adding this on to the end.
Confused now and don't know what to do next?
Please can you advise
Thank you

[Adam Davies]

Hi
It is not upto your IP it is your creditors that will accept or not,however it is better if they recommend your offer to creditors.
Can you raise your offer to 17/18k ??
Regards

[jillybean]

Yes I think we may be able to offer 17k but that would be the most. There is a letter of refusal in the post from my IP - do you suggest I then reply with a letter insisting they put our offer forward to our creditors?

[MelanieGiles]

Try a letter of instruction telling them that you wish the offer to be put forward and that you understand that it may or may not be accepted.