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Girlfriends parents losing house. Need Help!
ian_jamieson
Posts: 41 Forumite
Hey folks, looking for a bit of help and advice.
My girlfriends parents have two weeks to get out their house as it's being repossessed from the bank.
The house is actually very big and was build by my girlfriends dad (He's a builder). They hit some difficulties during the past couple of years (who hasn't) and with not much work they've been struggling to keep up repayments on £100,000. His mortgage rate is currently 8%.
They've been trying to sell it, and have reduced the price to £180,000 - Initially it was worth £300,000 before the recession. But can't sell it either.
They're now being told to get out within two weeks and the house will be auctioned.
Is there anything I can do?
A few issues have came into my head - like buying the property myself at a reduced rate and living there with her parents in the "granny flat", or somehow coming up with money (£5k) to stop the repossession going ahead.
Just looking for a bit of advice here from those of you in the know. What are my options?
My girlfriends parents have two weeks to get out their house as it's being repossessed from the bank.
The house is actually very big and was build by my girlfriends dad (He's a builder). They hit some difficulties during the past couple of years (who hasn't) and with not much work they've been struggling to keep up repayments on £100,000. His mortgage rate is currently 8%.
They've been trying to sell it, and have reduced the price to £180,000 - Initially it was worth £300,000 before the recession. But can't sell it either.
They're now being told to get out within two weeks and the house will be auctioned.
Is there anything I can do?
A few issues have came into my head - like buying the property myself at a reduced rate and living there with her parents in the "granny flat", or somehow coming up with money (£5k) to stop the repossession going ahead.
Just looking for a bit of advice here from those of you in the know. What are my options?
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Comments
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You may get more help if you posted this on one of the other forums, this forum is mainly about bankruptcy.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
I would post your question on the DFW board too as Dojo says for more replies.
The Debt-Free Wannabe Board - Click here
Best wishes
If...x"If wishes were horses, then beggars would ride"
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Opened it here, if anyone's interested https://forums.moneysavingexpert.com/discussion/34109990
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ian_jamieson wrote: »Opened it here, if anyone's interested https://forums.moneysavingexpert.com/discussion/3410999
Thanks Ian, glad your getting the help you need :beer:"If wishes were horses, then beggars would ride"
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