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Vol Repo/Shortfall questions.
MiHi
Posts: 3 Newbie
Hi All
I'm a newbie here although feel like a regular after tralling through this brilliant site to try and make the right decision....problem is there are so many choices!
My OH & I have a mortgage for £183k the house is worth £200k if we are lucky with a secured loan of £85k we also have a DMP which includes lots of unsecured debt. Our mortgage (NR) is currently 2 months in arrears & the secured loan (firstplus) is or will be this month 3 months in arrears.
We struggle each month...we either pay the motgage & loan and don't eat or get to work or we pay a small amount to the mortgage & loan and manage to eat and get to work.
My OH & I are past the stage of arguing...cant cry anymore and can just about get a civil word or two to pass between us. I really don't want this to be the end of us as well as the end of our house owning experience.
I know we can go BR...not really something I want to do...IVA definately not so other options...hand the keys back? The shortfall would then be with Firstplus. We could (when renting) afford to pay back the shortfall (depending on how much and over what time span it would be) but would they allow that or would they force us to go BR. We do have jointly a very good income especially if we werent paying the mortgage.
Some advise would be greatly appreciated.
I'm a newbie here although feel like a regular after tralling through this brilliant site to try and make the right decision....problem is there are so many choices!
My OH & I have a mortgage for £183k the house is worth £200k if we are lucky with a secured loan of £85k we also have a DMP which includes lots of unsecured debt. Our mortgage (NR) is currently 2 months in arrears & the secured loan (firstplus) is or will be this month 3 months in arrears.
We struggle each month...we either pay the motgage & loan and don't eat or get to work or we pay a small amount to the mortgage & loan and manage to eat and get to work.
My OH & I are past the stage of arguing...cant cry anymore and can just about get a civil word or two to pass between us. I really don't want this to be the end of us as well as the end of our house owning experience.
I know we can go BR...not really something I want to do...IVA definately not so other options...hand the keys back? The shortfall would then be with Firstplus. We could (when renting) afford to pay back the shortfall (depending on how much and over what time span it would be) but would they allow that or would they force us to go BR. We do have jointly a very good income especially if we werent paying the mortgage.
Some advise would be greatly appreciated.
0
Comments
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It's not in the lenders' interest to make you bankrupt. ideally, they want you to keep paying off the loans. Bankruptcy ends that. Handing back the keys does not end your responsibility under the mortgage. Bankruptcy is there to help you, so you can get out from under all this debt.
Hope it all works out for you, but you should look really carefully at bankruptcy.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Be aware that land and property debt will haunt you for the next 12 years, at least.
Have a look at the bankruptcy board on this site.0 -
Thanks for the replies but just wanted to say that I'm not running away from the debt...I accept full responsibility but just don't want to do the BR route therefore it shouldn't haunt me if I was paying it....should it?
My question is more around if I told the mortgage company & the secured loan I couldn't pay the full payment (or the arrears)...they would naturally repo, my family & I would move out....then what?
If they said they wanted more than I could afford down the line then I could do the BR route as a last resort?0
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