question category: IVA

IVA and Property
Submitted on: 5th Nov 2008 by Non-Member | Total Answers: 1

Please can you tell me the situation regarding another property other than the one you are living in. I am paying a mortgage for my own house but also paying a mortgage for my retired mother in law. The house is in joint names (mother in law and myself). SHe is the sole occupier of the house.

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IVA with Two Mortgages

This will need clarification with the Insolvency Practioner proposing your IVA, and is something that is likely to be negotiated as part of getting you IVA accepted. We would hope that you can keep your ownership and part ownership of both homes, but you are likely to have to release the your share of the equity in both at some point during your IVA to repay your creditors as much as you can afford.

Submitted on: 5th Nov 2008 by TA Member

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