I need to know where I stand? Help!!

bluenoseneil

Ok this is my situation: I have a mortgage on an apartment in Ipswich which I moved into in April 2006. I left there in September 2008 due to a job change and mental health issues and moved back in with my family near Bristol.

I was unemployed for 6 months during this time managed to get part time jobs to keep me going but it hit my credit cards, as I was having to live off them and supplement paying my mortgage by a combination of renting my flat out privately to a friend and paying the rest myself.

The flat has been rented ever since and I have no intention of returning. I have marketed it since October 2009 with little or no interest, and at the price I am currently intending to sell, it will leave me owing the mortgage lender £13,000 in Secured and £15,000 in Unsecured payments, which they will want back (over an agreed period of time).

In the meantime, I have gotten another job and am renting in a shared house with students (which is cheap!!). However I am planning to move out with my girlfriend in June to a flat, and I quite frankly don't want the burden of privately renting my flat in Ipswich out any more, as I am making a loss (I have to pay the Service Charges myself as the rent would be too high to attract Tenants if I did), plus I am not on a buy-to-let mortgage cos I have no equity in the property and I have no other assets/savings.

So, what do I do?

If I take bankruptcy I won't be able to get a mortgage for 15 years, and an IVA will be similar.

But if I hold onto the flat I am haemorrhaging money every month and have the hassle of finding (and managing) Tenants in my place. Plus I have a conscience and I KNOW that I am renting it out privately on the sly and it's not technically right.

I have pushed the Estate Agents to sell at the lower price today and this means I expect more interest but I can't MAKE people move in, and all the while I have one tenant (or none if I can't find one when the current incumbent moves out) I am snookered. And moving back there isn't an option cos I need to be in the Bristol area for work.

HELP!!!!!

Annisele

Sorry, afraid I can't help - but you might be better off posting this on the Bankruptcy or Debt Free Wannabe boards.

PasturesNew

bluenoseneil wrote: »

...am renting in a shared house with students (which is cheap!!).

If you rent with students and are not a student, then the full council tax bill is yours to pay (minus the 25% discount if you are the only non-student).... thought I'd mention it in case you didn't know that.

Re the rest, I've no idea.

lynzpower

Could you see if there would be any interest in a housing association or council renting it from you long term?