mortgage

Trollfever

StuTheDon wrote: »

Lesam - you will either need to find the shortfall or find some other way to clear the negative equity.

As a previous poster said you may be at 115-120% now and prices are still falling. You have two options:

1) Get onto the debt free board and post an SOA (Statement of Affairs) and see if they can help you cut back on other expenses. I.e., do you really need Sky etc. try and tough it out in your house till prices rise again.

2) Sell the house and try and somehow finance the negative equity.

3) Hand back the keys to the mortgage company - this is an absolute last resort as it will screw your credit rating making another mortgage almost impossible.

Next time you sign something you dont understand, stop and get some independant legal/subject advice.

Stu

4) Bankruptcy.


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StuTheDon

Trollfever wrote: »

4) Bankruptcy.


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True - he has 4 options!

maninthestreet

lesam wrote: »

Hi guys, some fool from from my bank remortgaged us 2 yrs ago up to an 98% mortgage, needless to say we are now struggling. We now have to sell up and try and sell our house to cover our 98% mortgage.We also have a secured loan on our house and if we get our house sold it wont cover the secured loan and the mortgage payment. We need to buy a cheaper house thus having a lower mortgage but what can i do with my secured loan?? Any advice or suggestions will be gratefully recieved.

Please post details of the outstanding mortgage and secured loan, and the current value of your property.

Robert_Sterling

First you were persuaded to take a 98% mortgage.
You also have a loan secured on your house.
These two things taken together would make the likelyhood of negative equity to be high.

This has now been brought about by forces beyond your control i.e. The Credit Crunch.

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You original post could have been this .........................

I took out a high LTV mortgage.
I also have a secured loan.
I am in negative equity.
I hope to resolve this by moving to a less expensive house.
Can anyone make any helpful suggestions please.

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You lost the goodwill of several posters by taking a blindswipe at someone other than yourself.

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I hope some of our MSE posters are able to give you the help you need.