hello everyone,
I noticed that this forum is dealing with very specific cases of personal debt and bankruptcy. We have been looking for information on our case but are finding it difficult to get straight answers from banks, mabs, and citizens advice. any information would be helpful. we have a house up north in a large amount of negative equity. it is proving impossible to rent out long term and requires a lot of maintenance. we are now both working in the south and would like to buy here. our problem is that we would like to get rid of the property with negative equity but its proving impossible.
We approached the bank for some ideas, for example sell the property and pay the shortfall as a long loan style agreement this was rejected because its un-secure debt. We are now considering taking an IVA but are mindful that this might jeopardise our chances to buy a house down south. We are unable to rent this negative equity property out on a long term basis because of location - its not really viable as a buy to let + we cant live in it as we both have jobs down south. Does anyone have any idea of north south law in regards to residency for example we are resident here can we apply for an IVA up north and will this be seen on cross border checks for forthcoming mortgages etc. Apart from IVA is there any other ways we could proceed with this problem? Sorry for long winded saga but any advice would be appreciated.
I noticed that this forum is dealing with very specific cases of personal debt and bankruptcy. We have been looking for information on our case but are finding it difficult to get straight answers from banks, mabs, and citizens advice. any information would be helpful. we have a house up north in a large amount of negative equity. it is proving impossible to rent out long term and requires a lot of maintenance. we are now both working in the south and would like to buy here. our problem is that we would like to get rid of the property with negative equity but its proving impossible.
We approached the bank for some ideas, for example sell the property and pay the shortfall as a long loan style agreement this was rejected because its un-secure debt. We are now considering taking an IVA but are mindful that this might jeopardise our chances to buy a house down south. We are unable to rent this negative equity property out on a long term basis because of location - its not really viable as a buy to let + we cant live in it as we both have jobs down south. Does anyone have any idea of north south law in regards to residency for example we are resident here can we apply for an IVA up north and will this be seen on cross border checks for forthcoming mortgages etc. Apart from IVA is there any other ways we could proceed with this problem? Sorry for long winded saga but any advice would be appreciated.