Will i lose my house?

stepp

Hi all

Had a mortgage for 3 - 4 years now (repayment). Still owe 118,000. Basicially my business is folding fast and me and my partner have decided to call it a day, thus making me unemployed!.

At the moment the mortage company know im struggling for cash and let me just pay the interest for 6 months ( 3 left to go ).

What happens after this and what happens if i cant afford to pay the whole amount, will they have my house very quickly?

My mortgage is with the woolwich and they were ok when i asked them for the interest only for 6 months.

Does anyone think or know if they would extend this?

I havent phoned them yet i came here to see if anyone had been in the same situation before....?

Cheers

Joe_Bloggs

Make an effort to read this. It is a sticky in the debt-free wannabe board that links to many useful resources. A major part of the advice is to come up with a statement of affairs that you can use to show that you have made an effort to research your situation. Contact one of the voluntary/charitable orginisations listed so that they can negotiate with creditors for you. Your house is an asset so keep in you lenders good books. Do not miss payments. Your efforts in seeking out advice may result in success or buy you more time in a repossesion hearing.
J_B.