What happens if I have a house that I live in with equity and a rented house with none ?

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Jamesdp93

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Post by Jamesdp93 » Fri Jan 23, 2015 6:23 am
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IN the last year of an iva, if I have a house that I live in that has increased in value with some equity, and another house that I rent out though hasn't any equity, what happens? Thanks
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bridgey

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Post by bridgey » Fri Jan 23, 2015 8:38 am
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If you're alluding to what would happen with regards to re-mortgaging.... then nothing, as it is pretty much (if not) impossible to obtain a re-mortgage whilst still in an IVA.

You will (depending on your terms) have to pay for another 12 months in lieu of the lack of re-mortgage.
Half the lies you tell aint true
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Michael Peoples

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Post by Michael Peoples » Fri Jan 23, 2015 9:19 am
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It does depend on any conditions or modifications proposed by your creditors but an extension would be ususal if you cannot raise any equity.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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