IVA and joint mortgage

Ickledaisy · 14 November 2017 at 10:11PM

Please please can someone help me. I am desperate for some advice or guidance, I apologise if this is in the wrong forum, I just didn’t know where would be best. I left my husband of 13 years in June 2014 following domestic abuse, following a court case about the children it was decided that he stay in the ‘family home’ which We jointly own, we are both on the deeds and on the mortgage agreement. He persuaded me to stay on the mortgage so he could keep the house going, so the children would still have their ‘home’ to go to when staying with him, which I agreed to. On Sunday evening I found out that he is filing for bankruptcy, he has not payed the mortgage for the last 3 months apparently and I believe the house is in a bad state. I was told that the boiler has broken and it needs a rewrite etc and according to him it has no equity. The house was bought in 2006 for £154,000 and the outstanding mortgage is £101,000. When I left him I had £36,000 of debt and I took out an IVA in December 2014. I am unsure of what to do.... i obviously cannot afford to buy him out, or get a mortgage on my own.....
Am I better trying to sell it first?
Would it be best to just allow the bankruptcy to go ahead and let them repossess the house?
Should I just inform the mortgage company what is happening and push them to repossess the house
Should I look into property investment people as a cash buy?
How will this effect my IVA if the house is sold, it’s an asset in the original agreement, would that change anything?
My main concern is if the house makes a loss, after 3 years in an IVA I really don’t want to go backwards and have to go bankrupt myself, how can I best avoid this and what are my best options going forwards?
I can’t even begin to tell you how worried I am, I’ve worked so hard to get even this far, which isn’t much but I am desperate to keep what little I have in terms of progress I’ve made since 2014. Any help would be appreciated. Thanks in advance

DorisTrousers · 15 November 2017 at 11:51AM

Hi,

Looks to me that all the imponderables in this scenario are not yours but his. If the house is sold or repossessed then 50% of any profit from it must go to you, which then is captured by the IVA. This may or may not release you early. If there is some sort of a shortfall then the residual debt from that is covered by your IVA as the mortgage company would have been given the chance to be bound by the IVA at the outset, which of course they would have turned down, preferring instead to rely on the security. Either way, it looks to me that you are better letting nature take its course and try not to worry about it. Easier said than done where houses are concerned I know, but there you have it.

IVA and joint mortgage

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