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jameshale6
- Posts: 24
- Joined: Fri Jan 14, 2011 2:09 pm
- Location:
Hi guys i know this will be one for my ip but just want to see what you all think. Me and my wife are looking at relocating to a different part of the country to be nearer family i am a homeowner with a mortgage with very little if any equity in the house although with a good bit of decorating and tarting up i could possibly make around 10k - 15k if i hold out for the sale.
My origanl debt was 34k with around 23p/£ repay through the iva, i have the remortgage modifacation in yr4 to but what i was wondering was if i sold the house with that kind of profit could this be taken as a F+F offer or would they want majority of the profit and to carry on with the term. I am only just starting yr 2 of my iva. Any help or advise on this would much appreciated
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
They are very likely to want any sale proceeds less an amount for you to secure rented accommodation. You will then be expected to carry on woth monthly payments if you have any disposable income based on your new income and expenditure.
Do you just have an IVA or do you both have one ?
Regards
Andam Davies
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jameshale6
- Posts: 24
- Joined: Fri Jan 14, 2011 2:09 pm
- Location:
the iva is solely in my name as all debts held were in my name
