please hep

heavensent_3

Hi all

Really desperate for a bit if advice before i approach my mortgage company..

Along story short is that i have split from my partner and have tried to cope with debt by entering a DMP but now my ex has lost his job so unable to pay any child support.

I am now in a position where i cannot cover the mortgage and have had to arrange a 50% payment for the last two months.The problem is that when it goes back to normal i am still not going to be able to pay it..

I have the house on the market and at a conservative estimate if i sell it i could probably walk away with at least 40 grand but what do i do to stop it getting reposessed in the mean time.Of the £1168.00 payment i could only realisticaly manage about £300.00 per month.Does anyone think its worth approaching the mortgage company with this...

I am really scared as i have children to think about and i really dont know what to do.

Any advice would be so appreciated

Thank you

nervousmother

the housing market is picking up so hopefully it will sell.. can you not get any help in paying your mortgage? do you qualify for the goverment scheme? if it gets repossessed chances are they will reduce it so much you may end up owing them.. can you not reduce the price to get someone interested? offer to pay their fees? talk to estate agent see what they suggest

Feelingfoolish_3

I would suggest you take some advice, it sounds like you might qualify for the homeowner mortgage scheme. You could ring one of the debt charities, NDL or CLA. HMS is for people who have had an income shock (your loss of maintenance) but who can afford to pay at least 30% of the normal contractual mortgage payment. If you do qualify for this then you could save your property.

I would also suggest that you consider stopping your DMP and reduce your payments to your unsecured creditors to a token payment and then you should have more money for your mortgage.