Voluntary repossession

hcb42

surely chasing the employment opportunities, even short term, are better than this bankruptcy or selling scenarios?

MegaMiniMouse

Wh05apk wrote: »

Bankruptcy should be the last option, not the first, from what we know the OP has net assets of ~ £15k

Suggest getting the house sold asap, to at least get hold of some of the equity, don't hold out for £120k, if it is repossed and sold you will probably be lucky to get £90k after costs etc, sell now to protect what you have.

Mostly, these days, you can't sell now - that's the problem - nobody wants to buy, and even if they do want to buy, they can't get a mortgage

Times have changed - bankruptcy is no longer the last resort, it's sometimes the simplest way to deal with an impossible situation

The OP's 'assets' of £15k are less than than his likely shortfall, but actually, he has no assets at all

MMM

bacard1

why can you not get a job? even something you don't like just to pay the mortgage for a while?

£650 mortgage / £5.93 (minimum wage job)= 109.61 hrs per month x 12 months = 1315.32 hrs per year / 52 weeks = 25.29 hrs a week.

25 hrs a week could be a pub job stack shelves or something like? your partner could then use the £250 towards the bills which you probably would have on the top the the £250 rent anyway

dimbo61

will the OP get any redundancy money from his employer and will the nice benefits people pay the interest on your mortgage for a period of time!!!
Will your lender allow you to go interest only ( you need to ask in writing to head office/mortgage centre once you have lost your job)
All lenders have now got to be seen to be fair to there customers so DONT WALK AWAY
Go and see the CAB for advice and dont walk away from your home without at least trying to sell it first by getting a couple of estate agents in and putting it on the market.

g_attrill

As mentioned if you hand the keys back you will very likely end up with a shortfall to pay them because it might not sell for as much, and you will owe their fees for managing the sale and the mortgage payments on top.

So it is a last resort really, after you have decided there is no possible way you can afford to continue living there, and that you cannot sell it while you are living there and paying as much as you can.

Is this rental opportunity something you will not get again? If you can sell your house in the next few months I'm sure you could find somewhere to live in the short term (even a mattress in a friend's house!) until you found a place to rent.

Wh05apk

MegaMiniMouse wrote: »

Mostly, these days, you can't sell now - that's the problem - nobody wants to buy, and even if they do want to buy, they can't get a mortgage

Times have changed - bankruptcy is no longer the last resort, it's sometimes the simplest way to deal with an impossible situation

The OP's 'assets' of £15k are less than than his likely shortfall, but actually, he has no assets at all

MMM

Please, please, please, do not beleive all you read in the Mail, properties can and do sell if the price is right, it may be better to sell at say £105k now (if the OP thinks the value is £115-£120k) than let it be repo'd. And really where did you read that cr4p about not being able to get a mortgage? what do you think I am doing daily for people?

In the current market a bankruptcy will practically guarantee not being able to get a mortgage for a long time, so please do not suggest this as an "easy" way out it will basically screw your life up for a long time, fair enough if we are looking at 100's of 1000's, but we are not, at worst if the property were repossessed then we are looking at a few thousand at worst, are you really suggesting it is worth going bankrupt for that?

MegaMiniMouse

Wh05apk wrote: »

Please, please, please, do not beleive all you read in the Mail, properties can and do sell if the price is right, it may be better to sell at say £105k now (if the OP thinks the value is £115-£120k) than let it be repo'd. And really where did you read that cr4p about not being able to get a mortgage? what do you think I am doing daily for people?

In the current market a bankruptcy will practically guarantee not being able to get a mortgage for a long time, so please do not suggest this as an "easy" way out it will basically screw your life up for a long time, fair enough if we are looking at 100's of 1000's, but we are not, at worst if the property were repossessed then we are looking at a few thousand at worst, are you really suggesting it is worth going bankrupt for that?

The effects of Bankruptcy last six years, but as DVShadow pointed out, it might take 15 years to pay off a shortfall, and the stain on your credit history will remain throughout

MMM