Will I lose my home?
Posted on Jun 3rd, 2011
Debt Management
In Debt Management there is virtually no risk of you losing your home.
IVA
In an IVA (Individual Voluntary Arrangement) there is a risk of losing your home. The greater your negative equity is the less likelihood of you losing your house there will be. If you have equity or a large amount of equity then you would quite possibly have to either release the equity, sell or offer the house in the IVA agreement.
If the mortgage is in more than one name and the IVA is for only one of the named, there is sometimes an option to sell your equity stake to the other mortgage holder, leaving your house protected.
Bankruptcy
In an Bankruptcy there is a risk of losing your home. The greater your negative equity is the less likelihood of you losing your house there will be. If you have equity or a large amount of equity then you would quite possibly have to either release the equity, sell or offer the house in the Bankruptcy offering.
If the mortgage is in more than one name and the Bankruptcy order is for only one of the named, there is sometimes an option to sell your equity stake to the other mortgage holder, leaving your house protected.