2x iva's, 1x house, 1x wishes br

pammie39

hi sorry, just another question

both my oh and myself have an iva each, we have a mortgage (in both names), the promlem is

---

my oh wonts to go BR,

if i stay with my iva, will the house be included in his BR (as assets). i dont wont to loose the house???????

many thanks

peachyprice

How much equity is there in the house?

If there's very little or none, you're highly unlikely to lose it through BR.

pammie39

hi thanks for the quick reply

i'm unsure if there is any equity in the house, if so only a little.
if the house is in both our names and i'm staying with the iva, why will they take the house, only if he goes BR? wont my name be taken into consideration????

peachyprice

They won't take the house, there's no money in it.

If there was equity in it you would be given the opportunity to buy out your OH's share of it. If that wasn't possible they might put a charge on the house for your OH's share in X number of years, or when the house is sold.

At the end of the day the last thing the OR wants is to be saddled with a house to sell. They'd rather do a deal with you, or anyone else you know, to buy OH's equity at a reduced rate than force a sale.

pammie39

thank you
i feel abit happyer now
our house isn't worth much--it is clased as a waites constrution (made with concerete and steel, so prone to substidence).
can only sell via private buyer.


thanks again