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Hi Guys
After having our Full and Final accepted we are now looking at selling our house to rent something else.
Can anyone tell me what the likely hood of this senario being accepted is..........
We have been told we may not realise enough from the sale of our home to clear our mortgage - we may have a shortfall of a approx £5000 - would the mortgage provider permit us to pay the shortfall back over a period of time?
Sorry if this seems a silly Q but thought maybe one of the mortgage experts could give some gidance on it.

A good question and I'm sure that Ryan or Shaun will be along sometime in the week to offer the answer to your question.

all the bet with your plans.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by newbeginnings

Hi Guys
After having our Full and Final accepted we are now looking at selling our house to rent something else.
Can anyone tell me what the likely hood of this senario being accepted is..........
We have been told we may not realise enough from the sale of our home to clear our mortgage - we may have a shortfall of a approx £5000 - would the mortgage provider permit us to pay the shortfall back over a period of time?
Sorry if this seems a silly Q but thought maybe one of the mortgage experts could give some gidance on it.

If you don't ask them, you will never know... I would say that more likely if your mortgage is with a high street Bank albeit they may make you take out a loan instead to cover any shortfall if you cannot raise the funds by any other means such as selling a car?

It may be better to get advice from another Estate Agent as may be better to either stay put for another year or rent it out for 2 years to help cover mortgage and your new rent however this all comes with risks.

Good luck with whatever you decide.

Cheers, Mark

I have alerted Ryan to this question so hopefully he will see it tomorrow.

thanks for the replies folks[:)]

Hi,
The suggestions Mark has made are definitely things to consider, as i cannot see the mortgage lender allowing the sale of the house going through if there is a shortfall to repay the debt.
I would suggest you called them to see what options they may offer

You should discuss this with your IP as the shortfall will be captured by the IVA. Secured creditors can value their security at any time during the IVA and rank any shortfall for dividend purposes. If they do not do this they may not be able to pursue the shortfall or at worst they could only chase the percentage paid out to other creditors.

Make sure your IP knows about this as you do not want to repay a bill which you are not obliged to repay.

thansk again for all the replies
Michael i doubt we are too late for your suggestion as we have paid our full and final today[:(] - surely we now cant add this shortfall into teh iva if it is completed?

Your IVA has not yet completed so speak to your IP. Even if it has, any shortfall to the mortgage company may still be captured but this is not the issue. Definitely speak to your IP.

Michael this all sounds very reasurring[:)]
we are putting the house on the market this week and i am only going by what the estate agent told me ref value adn was afraid if we had a short fall we would be stuck where we are for quite a long time - we want out as our mortgage payments are very high and renting is a better option for us now.
i will ring the office in the morning and talk to some of the excellent McCam/Duffy team.[:)]

Michael - i contatced our IP today as you advised and thank goodness i posted my question on here[:0]
I never dreamt we could include any shortfall in our house sale in our IVA and was accepting the fact that we would either have to borrow money to off set the shortfall - we still dont know what the short fall will be as the estate agent is coming to put property on market later this week - but thank you for your advice as we were really scared about having to borrow money to bail our selves out.
I know nothing is agreed yet but at least there is light at end of the tunnel[:)]

I am glad you posted and delighted we could help. I am also glad I was right because I did not know you were one of our clients! I could have had some pretty ticked off IPs and colleagues if I was wrong....