hi this forum has been really helpful to us so far thanks :) I have a question regaurding what to do about our living situation. My husband has no other choice but to go BR, We own our own home and have not defaulted on any morgage payments,the Morgages is only in my husbands name. Our house we think has little or no equity in it but would wish it to be included in the BR as the morgage is due to go up soon which we cannot afford and we are unlikely to be able to change morgages.
My question is simply should we stop paying our morgage and use the money to pay for a rental/deposit etc insted. If we did this i'm worried that if we move into a rental then go BR we would be thrown out of our rental property and have already lost the house?! We have 2 very small children and my biggest worry is being homeless.. Also can not get my head around if all my husbands bank accounts are frozen where and how can he have his wages paid and pay out rent etc he has a basic bank account already would this also be frozen? Can you help i need some sound advise
The best advice is to get into a rental property prior to going BR, as it's tricky to pass the credit checking that the letting agents do. Once in the rental, as long as you pay the rent, you should be fine!
It is standard banking practice to freeze account son publication of your BR. If you don't owe that particular bank anything, I would suggest having a conversation with them just prior to going BR to see if they'll keep the account open. If not, do what I did and open another basic account elsewhere the day after your BR.
should we stop paying our mortgage ?
Posted - 17 June 2008 : 12:27:20
