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URGENT HELP PLEASE! Mortgage Payment Holiday?!
Miss_Yell_2
Posts: 47 Forumite
Hi,
I am sorry if I write this in the wrong place! Not sure where to put it really?
My husband is just going bankrupt, as is his business. I was employed by him, but of course lost my work last month!
We are on top of this separating; I think its all too much for us both!
However, he asked The HSBC who we have our mortgage with, for a payment holiday (neither of us currently have an income!) they told him he had to clear the 2 months arrears first! He has borrowed the money from family and done that.
Today he called them again and said, now can we have the payment holiday. They originally told him he could have 6 months. Now they have said he can only have 3 months!
They asked him loads of question about his debt and his impending bankruptcy etc. Then said he would only get 3 months payment holiday because of his financial situation and that was subject to talking to me and asking me about my debt (exact amounts) my repayments, my income etc.
They want to know absolutely everything about me! I don't want to tell them anything that is going to jeopardise my future! They also wanted to know why the house was not up for sale yet!!
The trouble is, once and if we sell, my outgoings will go up! Currently the mortgage is £839 a month, rent in my area is at least £1,200 for a basic 3 bed house. We have 4 children, one at uni, one now living away from London but only 20 and twins aged 13.
I am working really hard at a small business I started in February, and though it is working well, I cannot afford to pay myself yet!
I really need advice as to what to tell the mortgage company and whether I really have to sell and end up homeless! It all seems so crazy! Do I have to tell them everything?
Many thanks for any help. Waiting for some advice here, before I call them up!
I am sorry if I write this in the wrong place! Not sure where to put it really?
My husband is just going bankrupt, as is his business. I was employed by him, but of course lost my work last month!
We are on top of this separating; I think its all too much for us both!
However, he asked The HSBC who we have our mortgage with, for a payment holiday (neither of us currently have an income!) they told him he had to clear the 2 months arrears first! He has borrowed the money from family and done that.
Today he called them again and said, now can we have the payment holiday. They originally told him he could have 6 months. Now they have said he can only have 3 months!
They asked him loads of question about his debt and his impending bankruptcy etc. Then said he would only get 3 months payment holiday because of his financial situation and that was subject to talking to me and asking me about my debt (exact amounts) my repayments, my income etc.
They want to know absolutely everything about me! I don't want to tell them anything that is going to jeopardise my future! They also wanted to know why the house was not up for sale yet!!
The trouble is, once and if we sell, my outgoings will go up! Currently the mortgage is £839 a month, rent in my area is at least £1,200 for a basic 3 bed house. We have 4 children, one at uni, one now living away from London but only 20 and twins aged 13.
I am working really hard at a small business I started in February, and though it is working well, I cannot afford to pay myself yet!
I really need advice as to what to tell the mortgage company and whether I really have to sell and end up homeless! It all seems so crazy! Do I have to tell them everything?
Many thanks for any help. Waiting for some advice here, before I call them up!
0
Comments
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you need to call them up and be honest. I presume you are both jointly responsible for the mortgage.
3 months seems generous to me, given the circumstances but you might be better seeking advice on the boards more suited to debt free/bankruptcy.
You are probably going to need some serious professional advice, not relying too much on a forum either, but I would head to one of the other boards for how to get that help0 -
Thanks hcb42. I have reposted in the Bankruptcy area!
Just can't believe that none of this is my doing, yet the bank comes down on me instantly complete with kids!0 -
Unfortunately, those are the consequences of joint and several liability under which you signed up to your mortgage.0
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