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keith1975
Starting Member
1 Posts |
 Posted - 23 October 2009 : 10:27:21
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| Ive been trying to sell my house for 2 yrs now . To down size . ive dropped the price from 220,000 to £180,000and am already in negative equity . i have £20,000 on cards and my car on finance which i need for work? However am struggling with my bills and would love to just give up am sick! |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 23 October 2009 : 17:12:25
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There would be nothing to stop you considering bankruptcy as an option, voluntarily surrendering the property to the mortgage and having the shortfall included in the bankruptcy, and move into rented accommodation - but you need to consider income v expenditure or you may have a high 'disposable income' (DI)and have an Income Payment order - where you pay 50-70% of your DI to the OR for 36 months. The best thing for you to do is to have a chat with someone to go through your personal situation and find out what the best options are for you.
Have alook at the esperts button on the left hand side, or indeed ring the helpline.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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wellerchic
wellerchic
135 Posts |
Posted - 26 October 2009 : 21:42:17
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Hi Melanie
I have been to look at a rental property today and the letting agency are going to contact the lender to see what payment will be needed before we think about going ahead ie How many months rent in advance.
If we come to an agreement and I want to voluntary surrender my home (-£16,000 neg eq)Do I just stop paying my Mortgage to save for the deposit or contact the Building society first and let them know my plans.
The guy who showed me round the house said that the Building society can still come back to me for the Shortfall after the BR has finished which will be Feb 2010.I thought if the neg eq was on the statement of affairs all would be covered including more neg eq if the property does not make the expected figure as stated on the SOA ie Morg £131,000 Valuation £115,000. If the property was sold at auction and made much less would this still be covered by my BR.
Sorry for going on and on but I am so scared of stopping paying my Mortgage as I have never missed a payment !!
G x
There is light at the end of the tunnel, I can actually see it !!!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 26 October 2009 : 21:51:40
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I agree with Malanie
There are a number of options to explore.
Talk to one of the forum experts. With a bit more detail I could naybe cone up with some - problem is I am knowledgeable ob these matters, but can only "comment and guide" I cannot give advice as I no longer practice and hold no PI insurance so any comments are almost definately factually correct, but I do not have a desire to be sued - I am sure you would not do that - but I need to say it.
If you are incluined - I am happy to make my comments in good faith - others such as Melanie and Paul and the other experts (who have PI) will be able to assist along with people like me.
Regards, Richard
"There are no problems - only solutions..." |
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Ive been trying to sell my house
