Feb
24
Lender trying to reposess due to arrears no equity in house going bankrupt any way i can keep house?
By
Mental and physical collapse after separation from my partner got behind with mortgage. did an iva. Situation now, in arrears with mortgage. No equity in property. I really want to keep house for partner to one day come back to. Seems Bankruptcy only option.
Doctor has said I am not at the moment mentally capable of dealing with anything so court official will be appointed. (No relatives or anyone else) After a year off work, now claiming benefits but dont think will be enough to cover mortgage interest.
Lender will not consider any options. anyone know of any way I can keep the house, at least in the short term?
Real Estate Professionals
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7 Comments
April 20th, 2009 at 2:22 pm
Speak to your IVA adviser again. Maybe you can amend your IVA. In the long run I think you should admit defeat and go for bankruptcy. I did it and the relieve of all that stress was great.
April 22nd, 2009 at 6:42 pm
Hello
Sorry to hear of your problems. Check with DWP you should qualify for interest payments on mortgage - that might pacify the Lender for a short time.
I would advise you contact national debtline it is a FREE service.
Hope they can help - details follow
FREEPHONE: 0808 808 4000
Monday to Friday 9am to 9pm
Saturday 9.30am to 1pm
24-hour voicemail. Please leave a message to request an information pack or factsheet.
FAX: 0121 410 6230
POSTAL ADDRESS:
National Debtline
Tricorn House,
51-53 Hagley Road,
Edgbaston,
Birmingham
B16 8TP
Really hope you sort something out
April 25th, 2009 at 12:04 pm
check out other mortgage lenders, don’t be afraid to ask for a better loan…..and do ask for a 30 year fixed. do not get sucked into a two year apr or interest only loan as you are paying more interest on the first 10 years of any loan anyway. also, if you have a room that you could rent out for awhile, even if it means giving up part of your privacy,do so. check in the local paper and see what the average rent goes for in your area. renting can help provide the income to help get you out of your problem. just make sure to do research first……..then forget about the ex……and get on with your life…..don’t look back. you will be better off for it.
April 28th, 2009 at 7:39 am
Hi,
I’m sorry to hear of your troubles. There are two personal finance websites I visit which have excellent sections on dealing with debt. You can look for similar threads or post this query there and people will help you. I think you’ll get much better help on these specialised sites than on Yahoo Answers
May 1st, 2009 at 3:29 pm
Hi
Get your self down to the citizens Advice Bureau, or Welfare Rights office.
They will provide you with free advice and no doubt they have dealt with many similar cases.
Good luck
May 2nd, 2009 at 1:58 am
If I’m right if you took the mortgage out before 1997, DWP will pay interest for you, if after that, your in shit. Go back to IVA and citizens advice.
May 2nd, 2009 at 6:37 am
The FSA is the government watchdog for mortgages. I’ve put a link below to their leaflet explaining what you can do. The leaflet also has contact details of lots of people who can help you.