Author Topic: Can't pay Mortgage on let house  (Read 5005 times)

James Falla

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Re: Can't pay Mortgage on let house
« Reply #15 on: May 03, 2012, 11:15:26 AM »
Hi there Sarah
As Simon has said, I think it may be worth speaking to your mortgage lender again and asking about the possibility of extending the mortgage to bring the monthly payments down. In the short term, move back in and perhaps also try to get a lodger who can help pay the mortgage. Then put the property on the market and try to sell.
If this is not working then I guess looking at the option of selling on a deferred completion contract to an investment company like Simon's could be a solution. At the end of the day ultimately you are still liable for the mortgage payment if the investment company defaults. However you would be no worse off than you are currently in a mortgage default situation.
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Sarah

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Re: Can't pay Mortgage on let house
« Reply #16 on: May 03, 2012, 12:28:04 PM »
Thanks, both.

James Falla

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Re: Can't pay Mortgage on let house
« Reply #17 on: May 08, 2012, 06:04:27 PM »
No problem at all Sarah. Let us know if you have any other questions.
 
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debtlifeline

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Re: Can't pay Mortgage on let house
« Reply #18 on: May 29, 2012, 11:52:58 PM »
Hi Sarah, why dont you just put an official offer to your mortgage company, they cannot refuse your offer even if its £10 per month until you get yourself back into full time work etc.

James Falla

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Re: Can't pay Mortgage on let house
« Reply #19 on: May 31, 2012, 06:34:53 PM »
Hi debtlifeline. I am not 100% sure I understand your idea. A mortgage is a secured debt. As such if it is not opaid in full and on time, the mortgage company do have the right to repossess the property (not withstanding the preaction protocol which says they have to review all reasonable options such as changing the mortgage to interets only to reduce the cost of the repayments). However they can refuse an offer which they feel is unreasonable. I do not believe that they would simply accept an offer of £10 a month.
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Re: Can't pay Mortgage on let house
« Reply #20 on: Jul 05, 2012, 04:03:02 PM »
Hi Sarah


We our an on-line Estate Agent that covers the Northwest we offer a free property auction facility.


You can have the option were you pay no fees to sell your property.


If you are interested please drop us an email


Kind regards Ray