I think that our negative equity would be £4000 - £14000 short, not done anything about it at the moment, a considering our options, both parties (on mortgage) would go bankrupt if forced too!!! I think we may have entered into IVA slightly blind, as now we have no other option but to sell up and relocate, (due to husbands job) , I think we might have been better off going bankrupt!!! I have since been told IVA's are more suitable for people needing to keep their home. When we move, we will be renting a property. Our mortgage is currently 264,000 which we could probably get, however we would need to find the funds for home improvement, which we currently do not have , as we have 4 children and IVA agreed £100 more a month than anticipated. I would imagine due to the stamp duty that the property would probably only sell at £250,000 , but as we are unable to apply for further loans, would imagine that we have no choice but to apply for bankruptcy. Your opinons would be very welcome. thank you.
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