worried about the future

alfiemama

Hubby has come up with a plan (oh oh)

He is going to ring the bs and tell them we have had an offer of 160k for our house and would they accept if not we will have no choice but to hand back keys, this is well under the mortgage but will let us see if they are flexible at
all. by the way there is no offer on the table just testing the water.

alfiemama

just spoke to bs and they said they will not let us sell the house for less than the mortgage (wont transfer deeds) so there is no way we can sell for less than the mortgage, so we either sit it out and wait for the market to recover, ouch (isnt this about 2012!!!!) or do vol repo, she said we have just to take the keys into the local branch.

Said not even passed to collections yet (not paid this month) saved for the rent.

Does anyone know anything about what ChelseaBun said about the savings for the 6 month deposit?

maxmycardagain

from your last mortgage payment to being thrown out finally could take 6 months, dont panic!

shadowdragon

It could take 10 years to recover, it may never recover, who knows!!!

It takes a while for them to repossess the house though, I read on another thread and probably not suitable for you but, if you are physically evicted from the property by the baliffs on the day of possession you have not made yourself homeless (sorry cant remember the thread, but wasnt long ago) therefore the council have due care to find you somewhere to live (it may be a hostel or B&B though!!).

apparently some BSs are quicker than others at the reposession, but with xmas not far away I can see that slowing things down a bit, also if theres a lot of repos going on due to the financial climate atm that may also slow things down too. (well this is what the solictior at the CAB said when I went volo repo like i talked about in earlier thread).

1sue23

I was in your situation back in the 80s and it was awful everything just felt so bleak we were in negative equity and were also bridging wanted to hand the keys in ,In the end I just gritted my teeth and worked around the clock hubby in the day and myself nights and early morning and I had 3 small children, slowly but surely things improved managed to sell one property and started to pay more than the interest on my home so we survived I now own my home so things can improve even if at the time it seems impossible ,so good luck to you whatever you decide.

dodecanese

shadowdragon wrote: »

Owning your own house has a certain amount of Snob value to it, always had always will, but its only bricks and mortar its family life that makes a home not the walls and roof. Although I would prefer a rented roof that didnt leak to a mortgaged one that did.

Great post Shadow.
Alfiemama, if its any help, im bankrupt at the moment and have recently decided to give house up. Like you I wavered for a long time because 1. I didnt want to give up the "security" of owning my own home- and yes- there is the snob value, and 2. I was scared.

The house I'm in/own has got loads of problems- leaky roof (despite spending a good £5k +fixing it- its a flat/dormer roof), dodgy boiler- the problems have been endless and it's driven me to the edge of despair. It's also in negative equity and the mortgage is huge. On top of that I've got the OR moaning about the mortgage payments and disallowing them as they're too high.

Having the roof leak again was the final straw- and Ive stopped paying the mort/sec loan. Try ringing private/smaller landlords- I found a lovely little house for a third of my mortgage amount and was totally upfront with the landlord- he only wanted a bond and 1 months rent upfront- what "normal" people(ie non bankrupts) would have.

Ive been worried about the risks, dodgy landlords etc, but Ive come to realise that I can finally get my life back. I went bankrupt in March and Ive read many posts about people saying how they were able to go (food)shopping again, pay bills without worrying etc. That never happened for me, cos I still had to scrimp and scrape paying the vast mortgage on the dump I "own".
I feel a bit sad at the thought of losing "my" house, but its outweighed by the fact I can finally start rebuilding my life, not worrying everytime it rains heavily or the boiler makes weird noises.
On reflection I actually feel quite grateful to the OR for forcing the issue ( tho they're in hot pursuit of a rather sizable IPA ).

Don't know about the 6 months rent/OR wanting it thing- try ringing the Insolvency service helpline- they may be able to indicate how it would go.

Good luck

shadowdragon

Its just been on the local radio station news that house prices are still set to drop over the coming months, so its going to get worst rather than better (not scare mongering its just what I heard on the radio, might only be relevant to my local area, but nether the less still bad news).

chrisandanne

Hi, Don't usually post on this thread but have read from begining and would like to give a little experience of renting to the OP.

1. If you have no adverse credit history, you only need bond and month in advance to get a house to rent. Probably equivalent to just over 2 months rent.

2. Renting is not always insecure, times have changed and many landlords are pleased to have good long term tennants. We rented our first house for 7 years and second for 4 years. We only moved to get a bigger house.

3. If you don't like the house/neighbours/area, you just find yourself another one. Nothing to sell, not much cost involved. Less hassle altogether.

4. If your circumstances change, ie OH loses job, your rent is paid by HB or you can down size/get a cheaper one.

I am not advising you what to do, just saying that it can be good to rent, you can choose a better house than the one that is costing you an arm and a leg at the moment. And you can save some money up and see what you want to do in the future.

Good luck A x

Dez-Titute

shadowdragon wrote: »

I agree, here most people who post on here have interest only mortgages thats dead money not only will you never own your home but your also responsible for maintaining it too!!!!

I have said before I will never get a mortgage property again, no matter how much I earn in the future. Its just not worth the hassle. If you loose your job you loose the roof over your head, at least with renting you can claim HB ect, im in council its a small 2 bed terrace but its enough for us two and the animals. ITs only 370 per month with water rates included. Utitilites are acceptable as its small. If anything goes wrong just ring the council up and they come and sort it. no worries about broken boilers, leaking roofs, damp or anything. Ok its not the greatest area in the world but its not the worst either.

I dont have any plans on doing so in the near or distant future. I feel like I have a lot of security living here, they only evict you if you have loads of rent arrears or are being stupid with the property. I can honestly see myself living here in 10 years time even if i got back upto earning £32k a year.

I know private renting is different as you have short term contracts, and can be a worry, but a family member lives in a private rented house, and it has been sold once and they are still there, and they pretty much been told they can stay there until 2027!!! Its a nice house and my brother even fitted a new hand made kitchen in it!!! The Landlord is ok with him so my brother looks after the property, it works really well.

Owning your own house has a certain amount of Snob value to it, always had always will, but its only bricks and mortar its family life that makes a home not the walls and roof. Although I would prefer a rented roof that didnt leak to a mortgaged one that did.

Well said SD'

I think we have been here before in a similar situation on a differerent post.

The OP on that occassion would now appear to be in some difficulty

Thanx for the post