Strange Situation

spankysmagicpiano

I have found myself without a job in 26 years (No doubt not on my own!) since being made redundant last month. As with others applying like mad for jobs.

Now, I think we could be in serious danger of losing our house soon as the redundancy money runs out at the end of July. My wife is working though but due to debts (I know!) I kow for a fact we won't be able to pay the mortgage.

We asked the building society to freeze the payments if possible and also the local council operates the mortgage interest payment scheme if a serious drop in income is experienced. They said no because...and here's the problem....

I currently have another property (joint with my sister) which was my Mums and we are renting it out since she died. Now..it took me so long to actually renovate it, it was only in March that we rented it out...on a 12 month contract. So we can't kick the tennants out until next Feb at the earliest.

I have not let my feelings be known but I am seriously worried (especially for our kids) and have not got a clue on how to get by this impasse right now.

Any help / ideas / experiences would be gratefully received!

TotallyBroke

Why not pop over to the dfw board and post a soa using https://www.makesenseofcards.com/soacalc.html
Have the mortgage people given you a mortgage holiday?
Do you get an equal share of the rental property after management costs. Change the heading on the soa if you do under other income.

epsilondraconis

If there is no mortgage on the other property, why use the money from that property to pay all / some of your mortgage. Perhaps you could come to some arrangement with your sister and agree (in writing perhaps) that when you find a job you will pay back the money that you owe.

Alternatively could you release some equity in the other property (again agreeing in writing with your sister what you owe).

Good luck...