Whilst in the Iva we rented out our flat and moved to a rented house as we outgrew the flat and it was in negative equity of about £20,000!!!
Anyway, it's costing us around £200 a month to keep the flat, so ideally we would like to sell it now. House prices have gone up so we would be looking at about a 5-8 grand loss if we sold. We have an interest only mortgage which was 97%. We bought in 2007 so completely the wrong time. I have tried to talk to the mortgage company about what happens if we sell at a loss. They won't comment and say we need independent advice.
I am looking at seeing a financial advisor but wondered if any of you knew what to expert from the money we would owe. Would they expect it back in one lump sum. We don't have any savings! Or would we be able to get a loan now we are no longer in the IVA. Can anyone recommend a place to get a loan from after an IVA or a financial advisor who specialised in people who have had IVAs.
Thanks for reading. Sorry it's a long one.
The mortgage lender will most likely want to see the full loan repaid before they will release their charge and allow the sale to proceed.
I suggest you take advice from a specialist insolvency solicitor to see if they can argue with the Bank that the debt was dealt with under the IVA and is therefore not payable.
I can recommend someone if needed.
If you think we might have a case for the Mortgage loss been linked to the IVA, any recommendations for a solicitor to speak to would be welcomed. Thanks
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