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Assisted Voluntary Sale - Help!

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  • 05-04-2016 9:59am
    #1
    parek
    Registered Users Posts: 1 ✭


    OK, so I have a question that I can not seem to find any information on online.

    We have recently negotiated an assisted voluntary sale option with a complete write off on the shortfall, we have not signed with the solicitors yet, but will be doing so in the coming weeks, but before we do this I want to know what happens after...

    Current situation:
    Mortgage: 300k
    Arrears: 23k
    House Valued: 200k


    With securing the write down it means we do not have to go insolvent, which I thought was a good option, but with the assisted voluntary sale option, will I ever get a mortgage again?

    If I went insolvent, I believe there is a 5 year period where I could not apply, but officially is there a period tied to the AVS option with the write down?


    Our plan is to save as much as possible for the next 15-20 months, trying to get a deposit on a future mortgage, but am I wasting my time doing this, or is it at the banks discretion?

    any help or advice would be amazing

    Cheers
    Tagged:


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