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| migmash |
Posted - 25 June 2009 : 17:14:27
Hi,here goes, my first ever post. . Me and my Wife have two properties both mortgaged with the same company (Mortgage Express). We and our three children, aged 16/14/and 12 have lived in one of them for 6 years, no payments ever missed, and the other one we rent out at £550 p.c.m. This rent is enough to cover both Mortgages because the rate at present is so low?!! The one we live in is for sale, and we have had an offer of £265,000, and the Mortgage is £256,000, with an early redemption figure of just under £13,000. The other tenanted property is valued by a local agent at around £120,000, and we bought it about 9 months ago for £125,000. With both our o/drafts, c/cards, and a personal loan, amounting to approx £110,000 (none of which is secured on anything) we are very, very seriously looking at the Bankruptcy road? ? ! My wife works at a local Pre-school, and also gets family tax credit, and I am in the comedy business????!!! (ie:the building trade, though my Bank say's I am not quite a Leper yet ;-)I reigiously pay my own s/employment stamp, but have not had any work for about 12 months, but do not claim anything from the government. Sorry its a bit long winded, but the Wife is frantic, like any Mother, and is just trying to keep the feathers in the nest together?!! Not sure what departments or companies to call, maybe a Solicitor????? If anyone has trod the boards before, and can help/advise, it would be very much appreciated. |
| 4 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 26 June 2009 : 07:26:08
How on earth are you going to be able to afford to keep them if you are out of work???? |
| migmash |
Posted - 25 June 2009 : 20:59:07
Many thanks for advice. . . the properties are actually the other way around, but it boils down to the same thing I guess?! Buying back for a pound certainly sounds interesting, I hope we can do it with both of them ??! Thanks again. |
| gettingoutofdebt |
Posted - 25 June 2009 : 18:44:55
You can get some professional advice either from the CCCS, CAB or National Debtline and they will be able to advise on your situation.
Normally if you have any properties and there is equity in them the OR would want to release that i.e. sell the property. In your case they are both in negative equity if you include the early redemption on the rented property.
With the property you live in if the figure of £120k value is still valid when you declare BR then you could buy this property back from the OR for £1 and a £211 fee. You would still need to keep up with the mortgage repayments.
I am not too sure about the rented property. If you sold it for the offer then you would be £4k out of pocket with the early redemption but I don't know how rented properties are viewed by the OR. Best to call one of the professional companies I mentioned as they will be able to advise you on this. |
| leakie |
Posted - 25 June 2009 : 18:29:11
Hi Migmash
And welcome to the forum,
Not one for me I am afraid, one of the experts will be along sooner or later.
If not I would give the Helpline a call,to go over your options,
If you do go down the BR route it is better to be in control,
All the best
Leakie
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