advice needed on tricky situation

gazweb

hi all

thank you firstly for reading my post

this is going to be a tricky one so any advice would be very welcomed

we currently have a mortgage with platform funding, we owe approx £134000 the fixed rate ended in november last year and now int rate is 8.75 and monthly payment of £880 (int only basis)

we also have a secured loan on the property of approx £12,000 and paying what we must do
£221 per month

the property is valued at approx £170,000 (got this figure from estate agent on the market value to sell if this is what must happen)

here comes the crunch information

we were both declared bankrupct in feb 2008 and were both discharged in july 2008 and are now both debt free and just managing to pay the mortgage

if anybody has any advice wether it be good or bad please reply
i would rather know wether we are able to get any refinace deal or just TRY to sell it and move on else where?

thanks gazweb

arkie

Given your credit history and the amount of equity you have in your property you will not be able to refinance/remortgage for quite a few years.
You will have to consider selling up and renting. The problem you may come across when you goto rent a house is that you will probably fail the credit check.

dimbo61

If you can afford the mortgage and loan then work at paying them and keeping your heads above water.
Try and repay as much of the loan and mortgage as you can.
You will have to stay with your existing lender so dont fall behind in the payments.
You could ask Mum/Dad rich relative to help you out but at the end of the day you have to spend less and / or earn more.
Dont lose your home and read on all the boards here how to save money
GOOD LUCK