I am named on a mortgage with my ex husband - I moved out of the property 3 years ago and he pays the mortgage in full. There is minimal equity in the property as it was in negative equity when I moved out. I am on a debt management plan and the firm I used advised an IVA would be my best option, I am wary of doing anything that would prevent my ex husband from being able to sell/take over the mortgage as we don't have the best relationship. As an aside, I have agreed that I am not going to have any of the equity in the house if/when it sells because I moved out whilst it was in a negative situation. Any advise on what would happen if I did file for an IVA with relation to him being able to remove me from the mortgage and put it in his sole name - he hasn't been able to do it so far due to his earnings not being high enough to get the borrowing in his sole name but that is due to change in the near future.
You can ask the IP to exclude the house, given the circumstances, which they might mitigate by proposing an additional 12 months on the term. There are solutions with a helpful IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The fact that you still jointly own the property and then entering into an IVA could complicate matters to an extent, primarily because your creditors may then want to secure an interest in the property (which is quite normal). Probably best to ask whoever is proposing your IVA on the best way to deal with this.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
