How will shortfall be dealt with ?

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by debi791 » Fri Mar 03, 2017 6:27 pm
My boyfriends house was on interest only and was repossessed. There is a short fall although we do not know the amount. The IVA firm is chasing him to find out the short but the mortgage company hasn't been in touch with him yet. I suspect the mortgage company may write the debt off due to the length of time mortgage been going.Are we duty bound to ring the mortgage company as there will be a short fall between mortgage, so payments still being paid now change how much power does IVA firm have?
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by Foggy » Fri Mar 03, 2017 6:39 pm
Depends what you mean by "power" and over whom? The shortfall could be included in the IVA and will then be written off at the end, along with the other debts. I would ask the IP to chase the mortgage lender to lodge a claim.
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Michael Peoples
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by Michael Peoples » Mon Mar 06, 2017 8:52 am
A shortfall from a property can be pursued for up to twelve years so it should be included. Otherwise it could come to light later and potentially fail the IVA.
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