i really don't want to sell my home. what can i do

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jayne.w

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Post by jayne.w » Tue Jul 24, 2007 12:47 am
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i have a IVA and as part of the agreement at the creditors meeting i was informed that i would need to find 13,000 from the equity of my property 18 months into my IVA. i have spoken to my Mortgage supplier and they will not release my equity. as i'm in a IVA. i can't see anyother way to get the equity from my property other than selling it and renting until i can get back on the property ladder. however my mortgage is fixed until 2009 and will have have to pay 1,100 pounds early repayment charges. i really don't want to sell my home. what can i do ? would my supervisior let my extended the period ?
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Rainbow

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Post by Rainbow » Tue Jul 24, 2007 5:03 am
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Hi Jayne and welcome to the forum - I would suggest having a word with Tony Parsons he posts on this site under the name of Welsh Boy - His email is anthony.parsons@binternet.com he is very good with Mortgages and will be able to help you I am sure.
Good Luck
Rainbow
Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!
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Oliver

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Post by Oliver » Tue Jul 24, 2007 9:49 am
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You may find it difficult to equity release through the main stream lenders such as those on the high street but you will have more luck if you contact a specialist mortgage broker who will be able to search for sub-prime lenders.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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Adam Davies

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Post by Adam Davies » Tue Jul 24, 2007 11:09 am
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Hi
and ask your IP if it will be ok for you to remortgage and release the equity once your early redemption penalty is up.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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