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Selling house in middle of IVA....
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mrsrwallace
Posts: 234 Forumite
in IVA & DRO
Hi, Wonder if anybody could give advice?
I have an IVA and am few years into it now but have to sell my house as I can no longer afford it. Mortgage company has given me time to sell it otherwise they will initiate repossession procedures.
The house will have quite a shortfall if/when it sells so there will be no proceeds that will benefit me or my creditors. Can't contact the IP until Monday as they are closed for the 12th July hols. In our terms and conditions it states that the IVA Superviser has to give permission for the house to be sold but will this affect me considering there is no equity at all?
Also, if house gets sold can we amend the IVA to include the mortgage shortfall or will the IVA fail? I really don't want to go the BR route as it could potentially affect my job or some certain jobs I apply for in the future.
Any ideas? Thanks
I have an IVA and am few years into it now but have to sell my house as I can no longer afford it. Mortgage company has given me time to sell it otherwise they will initiate repossession procedures.
The house will have quite a shortfall if/when it sells so there will be no proceeds that will benefit me or my creditors. Can't contact the IP until Monday as they are closed for the 12th July hols. In our terms and conditions it states that the IVA Superviser has to give permission for the house to be sold but will this affect me considering there is no equity at all?
Also, if house gets sold can we amend the IVA to include the mortgage shortfall or will the IVA fail? I really don't want to go the BR route as it could potentially affect my job or some certain jobs I apply for in the future.
Any ideas? Thanks
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