Repossession or sell? Advice needed

[bunnymom1980]

Has anyone any experience of having their house repossessed?

Basically, things are over between me and my husband and I don't know where he is. Which has left me in the poop with paying the mortgage and loans.

I'm getting the house valued tomorrow with a view to putting it on the market but with what the housing market is like at the moment I think it'll be hard to sell. So I don't know if it would be best to stop paying anything towards the mortgage and leave them to repossess the house. But I'm worried that if I do that they won't recover enough money and I'll still be left with a large debt. There's also a 15k loan secured on the house.

I am going to speak to my mortgage company tomorrow and explain the situation and see what they say, but there's 6 months left on the fixed rate period.

Whatever happens with the house, me and the kids are moving back with my parents while I get some money together to rent somewhere.

 

[helsekia]

no advice hun i just wanted to say im so sorry you are going through this and send you lots of
let us know how you get on

 

[jennywren]

sorry to hear this hun

I would say it all depends on the approx value on the house and the mortgage against the property. Personally if it were me I would always attempt to sell first, even if you sell at less than you owe you will sell at more than the bank would so you would still owe them less if you know what I mean.

i.e if you owe £150k and sell at £100k you owe them £50k but if you owe £150k they may sell at £50k leaving you will £100k to pay. They only other option to go down I think is bancrupty but seriously I would seek professional advice on this, if you cant afford to see someone go to CAB!!

 

[foxymum]

oh bless you hun, i would say sell dont let them repossess your house, things down here are starting to move again if slowly within the housing market, put it on & see what happens.
so sorry you are going through all this just after having your baby

 

[kalia]

Is the house in your name or joint?
I don't think you can sell the house yourself if it belongs to both of you but I don't know anything for sure. Make an appointment with your mortgage provider to discuss the situation and hopefully they can help.
There might be information here that could help you:
http://www.channel4.com/4homes/property ... 9_p_1.html

Do you want to move?

If you are on a repayment mortgage (paying interest on the amount lent and paying off some of the amount) maybe changing to interest only would bring the payments down enough to be affordable. It would mean that in 20 years time or whenever it is that your mortgage is finished you would still owe the bank the original amount borrowed but at least that would delay the problem for now. I'm sure I worked out before that 2 thirds of my monthly payment is interest. If your payments dropped by a third would that mean you could stay?

 

[bunnymom1980]

Is the house in your name or joint?
I don't think you can sell the house yourself if it belongs to both of you but I don't know anything for sure. Make an appointment with your mortgage provider to discuss the situation and hopefully they can help.
There might be information here that could help you:
http://www.channel4.com/4homes/property ... 9_p_1.html

Do you want to move?

If you are on a repayment mortgage (paying interest on the amount lent and paying off some of the amount) maybe changing to interest only would bring the payments down enough to be affordable. It would mean that in 20 years time or whenever it is that your mortgage is finished you would still owe the bank the original amount borrowed but at least that would delay the problem for now. I'm sure I worked out before that 2 thirds of my monthly payment is interest. If your payments dropped by a third would that mean you could stay?

The mortgage is in both our names.

I don't really want to move because my son is in year 6 which is an important year for him and I really don't want to uproot him.

The mortgage is interest only until next april, I'd have to look into whether I could keep it interest only for a while longer.

An estate agent came out today and basically the house isn't worth much more than what we paid for it 18 months ago so it's not worth selling. Plus it would cost too much money with fees and everything.

I phoned and spoke to my mortgage company and made a part payment today and they said as long as I make a part payment every month they won't take any action to repossess given the circumstances.

 

[nickilubs]

No advice just some hugs

 

[EllieBelle]

The other thing to do is ask if its possible to take a payment holiday.......

I did this a few years ago when owned a house on my own and was made redundant.

They then added the payments on at the end of the year to the total amount owing.......

Good luck hun

 

[Sarah&Braydon]

sorry hun i have no advice with this stuff but i wanted to give u these

 

[tuck]

See a solicitor, if the house is in joint names then he'll be liable to, also to see about maintainence etc. Look at all the other avenues first, what about renting it out, even if the rent only covers the mortgage?

You wont be able to sell it if it's in joint names unless he agrees to it as well.

dont do anything rash, and if you can help it dont go down the repossesion way.