It never rains but it pours eh!, looks like I wont be able to sell my house

papermoney

to my parents anyway.

I have a property which has 143k owed on it (including the redemption penalty) selling it at 120k

I was hoping to cover the negative equity by getting a cash advance on my husbands mortgage, as he has 70k equity in his house.

This today has been refused because they say his income will not cover both the cash advance and mortgage but they would do it if I was on the mortgage because it would then be covered.

Except I already have a mortgage and needed the money to pay off my propertys neg equity so can not go on the mortgage until it is sold.

I have been on maternity leave for a year so all my wage slips show SMP so can't even get a loan to cover it as I have no proof of any decent income and when I do go back to work in September it is part time.

So i tried desperately to avoid repossession and bankruptcy but may have to think about it again, which in turn fo0ks up my career aswell.

sometimes being a grown up isn't much fun!

andrewmp

Can't you move in your house and sell your husbands?

DiggerUK

papermoney,
My reading of your post is that you have 3 properties between you, and your husband, and that you want to sell one to your parents. Is this the case ?

papermoney

DiggerUK wrote: »

papermoney,
My reading of your post is that you have 3 properties between you, and your husband, and that you want to sell one to your parents. Is this the case ?

2 houses. Mine and my husbands.

My husbands is up for sale as well but isnt selling as the area isnt as good. It is also better for us to live in my husbands house as it is bigger. My house is too small for us all to live in unfortuantely otherwise we would have done.

Blacksheep1979

papermoney wrote: »

So i tried desperately to avoid repossession and bankruptcy but may have to think about it again, which in turn fo0ks up my career aswell.

Or you could pay your mortgage?

papermoney

Blacksheep1979 wrote: »

Or you could pay your mortgage?

If I could afford to pay it I would! but my salary won't cover it and the council tax and other bills.
I wish I could.

Blacksheep1979

And your husband won't contribute? Or why don't you rent it out and pay whatever the shortfall is (will be less than the full mortgage) - I don't see why you're seemingly jumping straight into thinking about bankruptcy?

Poppy9

Rent out your house rather than let it sit there empty. The rent should go someway to covering your mortgage though you will have to inform the mortgage company.

DiggerUK

Papermoney,
The world is as we find it, not as we want it.

Put both houses on the market, move into the one you don't sell first.
If you have to sell both house to clear the decks and rent, then tough.
Sometimes the only deal on the table is a !!!!!! deal.
You can only go up after that.

http://www.youtube.com/watch?v=WlBiLNN1NhQ&feature=PlayList&p=CDFEA6D52E5CC0EC&index=15

The bottom line in life is survival, anyway, anyhow.

papermoney

DiggerUK wrote: »

Papermoney,
The world is as we find it, not as we want it.

Put both houses on the market, move into the one you don't sell first.
If you have to sell both house to clear the decks and rent, then tough.
Sometimes the only deal on the table is a !!!!!! deal.
You can only go up after that.

http://www.youtube.com/watch?v=WlBiLNN1NhQ&feature=PlayList&p=CDFEA6D52E5CC0EC&index=15

The bottom line in life is survival, anyway, anyhow.

Both houses are up for sale, both not selling. Mine would have to be at a loss anyway as the mortgage is far more than it is worth.

SO we sell mine, we still have the same problem!

I did rent the house out, although my mortgage company wouldnt let me. I did anyway because we cant afford 2 mortgages. We have been paying the shortfall. Even that we can not afford.

I am not jumping into BR at all, infact ive been avoiding it for a long time and if I find another way out i'll take it, right now I can't.

!!!! happens yes i know, but thats not solving the problem. My house is sold i still need to find a shortfall of 23k from somewhere!

papermoney

sorry didnt mean to quote just one person.