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Iva/mortgage/homeless help please
pumpkinpatch
Posts: 116 Forumite
I am writting on behalf of a friend thats at there wits end.
2 years ago they entered into IVA, which has now approached its 2nd year and they need to find £30,000 to pay iva company as aranged at start of agreement, this was to be done by either remortgaging or selling the home.
Mortagage owed = £149,000
2nd charge on mortgage = £50,000
Iva charge = £30,000
TOTAL £229,000
House has just been valued at £230,000 due to the crash in the house market not enough equity in home. He is willing to sell the home to pay off all debts owed, but has has hit a problem. Can not get another mortgage due to having had an IVA and bad credit and no deposit, no one willing to give a 100% mortgage. Cant find a landlord to rent a house from as due to iva is not passing credit checks with estate agents. Earns a good wage and can afford to rent or pay another mortgage on a smaller property.
What can he do????????????
Realy would appreciate any advice.
2 years ago they entered into IVA, which has now approached its 2nd year and they need to find £30,000 to pay iva company as aranged at start of agreement, this was to be done by either remortgaging or selling the home.
Mortagage owed = £149,000
2nd charge on mortgage = £50,000
Iva charge = £30,000
TOTAL £229,000
House has just been valued at £230,000 due to the crash in the house market not enough equity in home. He is willing to sell the home to pay off all debts owed, but has has hit a problem. Can not get another mortgage due to having had an IVA and bad credit and no deposit, no one willing to give a 100% mortgage. Cant find a landlord to rent a house from as due to iva is not passing credit checks with estate agents. Earns a good wage and can afford to rent or pay another mortgage on a smaller property.
What can he do????????????
Realy would appreciate any advice.
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