considering selling house - advise please!

ceri

I'm seriously considering selling my house to pay off my debts and mortgage and start again. The house sale will cover my debts with no extra money left to me - but that's fine. I'm currently having trouble paying my mortgage payments (well I wouldn't if Northern Rock move the payment date to the 25th but they insist it has to be the 1st). I'm at the wrong end of a £3000 overdraft and am seriously spiralling out of control.

I've been on the council waiting list for about 2 years now so a council house is imminent.

My question is when I finally get a house from the council - do I still have to pay my mortgage payments if I don't live there and if I tell them the house is to be sold and all the money owed will be given to them?

By the way - don't touch Northern Rock!!! they're a waste of space.

They said they could help but they will charge me £800????????

chevalier

If you haven't sold the property then I would imagine you would have to pay the mortgage. I don't see why you can't INSIST that the payment date is when you want it.
chev

thebillet

I imagine that the difficulty in moving the payment date is because if you delay it from the 1st to the 25th you have built up 24 extra dys of interest being charged. If interest is as high as £20 a day 24 X £20 is an extra £480 pounds on that months bill. The option of timing the date for payments is usually at the start when you tend to pay for the period leading up to the usual date and your monthly payment all in one go so your first payment tends to be a little higher than normal.

Conor_3

2 years on the council list doesn't guarantee a house. Around my area, you can be on it for a decade or more.

If you get a council house then you are still responsible for the mortgage payments until the house is sold. Also, you'll be liable for any shortfall as well. Moving to a council house doesn't absolve you of responsibilty for the previous house.

magentadreamer

Till the house is sold you would be liable for all repayments. I'm suprised you'd even be considered a priority for a council house seeing as you have a house. Have you talked to Payplan or the CCCS regarding your debts and what options might be best for you?