Capstone mortgage arrears! Help ADVICE

unluckytime

Hi everybody, I'm newbie here and I'm looking for some advice.

Well I don't know where to start really, but I will try from beggining.

We bought our house back in 2005 for £260k cash. Our business have some problems and we need extra cash so we took £100k mortgage in 2006. After a year we need another £150k to the business (that was mistake) and we remortgage it again paying them over £13k fee for early settlement. Our mortgage now is just over £2000, and since 2008 we really struggle to pay that high mortgage. We put house on the market but is difficult to sell it. We get eviction because of 3 missed payments but we fight it in the court and we won it. Now we have to pay extra £100 each month to cover arreas.

We get to the point where we are thinking so it's impossible for us to keep this payments up to the date and we are thinking what to do. I heard so some of the people having mortgage with SMPL/Capstone and they get settlement discounts on them mortgages. We are thinking how it's work with this companies which can buy your house for cash etc quick. You can see so many of them on the internet but anyone know how does it work, how much do they pay etc.?

Our house value is £320k, Mortgage £230k and £10k secure loan. All of them with late payments so my credit score is sh**t.

Any one have any good advise what to do in this scenario?

An another question, because of our business go bankrupt and I had a personal warranty in one contracts, the creditor register the debt with Land Registry, we recieve form "B132" for over £15k. The question is, if we will sell the house for the value of £240, what means it will cover £230k mortgage and £10k secure loan, can we do it, or we can't because there is £15k on land registry?

All advices are more than appreciated.

Thrugelmir

Although you are in a difficult situation don't panic. As you may be able to clear both your personal debts and charged debt with equity from the sale of the house.

What have you currently priced the house for on sale on the market?

unluckytime

We priced the house for £320k back in December. Friday I spoke with the agent and I droped the price £10k to £310k.

The thing is, we are stragling every month to keep the payment on time etc. Just can't have it for much longer ...