Allow repossession to happen or try and sell?

lozie_2

Hi,
Hoping that there are a few of you on here who can advise me...... well here goes...

Have a 28 day suspended order on our house. Currently having to pay £1100 per month. Mortgage £114K

Have a secured loan on the house for £20K @ £309 per month

Total income £2,700 per month.

Struggling month after month to pay all bills and simply get through.

My question is this......

Should we try and sell house (approx value £135-£140K) then pay off as much debt as possible then RENT

OR

1. Allow house to be reprossessed now and cut our loses.
2. If repossession goes ahead who will the secured loan company get their money from? Us or the morgage company?
3. What are the long term implications of repossession?
4. Can we ever get a mortgage again in the future?

If we did manage to sell but cannot raise all money to pay off the secured loan company will they allow us to pay off what we can and continue making monthly payments?

Hope that there is someone on here who can help

Thanks

Lozie

haggle_2

I would sell ASAP and rent.

If your house is repo then they may sell it on cheap inorder to get a quick sale. This could leave you with a bigger debt than if you sold it yourself.

The housing market will keep dropping so you can get back on the property ladder in 2011+.

lozie_2

have just made an appointment to get the house valued!!!!!!!

CLAPTON

You need to supply a complete financial picture before any advice can be given...

http://www.makesenseofcards.com/soacalc.html

piptom&AndyPandy

Hi
Yeah when I studied property law my lecturer always said SELL!!! don't get reposessed, best of luck let us know how it goes. I would also make sure you leave enough to pay some rent in advance as you may have a bad score and need to do so to get a decent house to rent.
Just a suggestion.

Pip
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