Can I have some help please ?

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LincolnPaul
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by LincolnPaul » Fri Feb 03, 2012 6:53 pm
Can I have some help please

Between moving out of the marital home and the divorce being finalised my ex wife entered into an IVA. I have only just discovered this fact. I want to sell the house but her solicitor says can't do so because of the IVA. Is this true?

I don't think she told the IP that there was a joint secured loan on the house which I have been paying. If the house is sold does this debt get paid off first with any equity in the house?

I have found out that she is also £3000 in arrears on the mortgage payments. What can I do to stop her further wrecking my credit rating

 

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Foggy
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by Foggy » Fri Feb 03, 2012 7:02 pm
Hi. Because of the IVA there is a restriction on the sale of the house. It can still be sold, but the proceeds will go into the IVA ( at least your wife's share). Although it sounds as though there wouldn't be any equity after the arrears were met and the secured loan settled..

She could get into strife with her IP for not disclosing the joint loan, which might fail her IVA, although you are still responsible for the loan if she doesn't pat in any case, being a joint debt.

If the house is sold, the mortgae has first priority, the secured loan then ranks second. After fees etc the rest will, presumably be divided between you and your wife's share goes into her IVA.

The only way to stop the damage is to remove yourself from the mortgage and secured loan, which wouldn't be easy, unless the house id sold and there is enough from the proceeds to settle these. Any other joint finances should also be severed.

 

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Rosepetal
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by Rosepetal » Fri Feb 03, 2012 7:11 pm
hi, the best advice for you is to seek proper legal advice.

you must be shocked as well as stressed with everything else. most solicitors will give you the 1st half hr free so think about what you need to ask beforehand,make a list.

good luck.

 

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luluj
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by luluj » Fri Feb 03, 2012 7:20 pm
Welcome to the forum. The advice so far is good and you do need to ensure you take advice that will ensure you maximise your return from the sale of the house.

Unfortunately your wife entering into an IVA does mean the sale of the house is not as straightforward as had hoped.

CAB maybe a good starting point for further advice.
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