A little knowledge needed

whitey31

Hi,

Does anyone know or may be able to give a little advice.
the house is being repossessed and has a secured loan attached, there will be a mortgage shortfall as in negative equity, so this then turns into a unsecured loan am i right and so would the secured loan as there will nothing for it to be secured against once house is sold after repo.
Would i be able to get a IVA with the mortgage shortfall and non secured loan amongst other debts?

Charco_2

Yes, that is the correct. The secured loans become unsecured and can be entered into the proposal just like any other debt.↲ ↲Is it too late to prevent the repossession? Do you simply not want to prevent the repossession? Bear in mind that the secured debts (when they become unsecured) will dwarf your other debts and will have a significant call in whether your proposal is accepted