we have just complete 1 yesr in our IVA and were thinking of selling our home to rent a bigger property. Partly because the mortgage payments are too big - and i understand if our rent is less our extra disposable income goes to the IVA - and secondly as we needed a bit more space in the house because of my employment.
If were to sell our house and nor realise enough to pay off our mortgage - what happens?
Can the balance outstanding be added to the IVA or are we liable for the full amount?
Any help appreciated.
You will need the permission of your IP to sell your house as there will be a restriction on it with you being in an IVA, I am not sure if your lender would allow the sale to complete if you are in negative equity and depending on the size of the shortfall would maybe warrant the need for a variation to include it into the IVA, you are best advised really to discuss this with your IP
