Nram help needed asap.....

somberfate

Ok just a question, i have my mortgage with Nram have for 6-7 years, well the then northern rock...

Since have lost my job, and am currently 8 weeks from giving birth to my 3rd child, i was struggling to pay the mortgage using the tax credits i had for the children, but this was a nightmare and left us with nothing...

Is there an option of asking nram, to take the house? I having to consider moving in with my mother as i just cant cope now.

I dont want to fall in arrears with the mortgage, and have been trying to sell it since i was made redundant this was 3 yrs ago.

Any help is appreciated

poppy10_2

How much is the house worth, and how much do you have left to repay on the mortgage?

somberfate

the house was valued £72,000 mortgage owed £53,000

opinions4u

You could hand the keys in and walk away from it. But this would blight your life for years to come. Take advice from CAB, Shelter or similar before doing this, as you would almost certainly lose your £19k in equity and be pursued for any shortfall on sale (if the mortgage isn't cleared).

A better option would be to secure a sale yourself.

Thrugelmir

Price the property for a quick sale. Ensure that the proceeds cover the outstanding mortgage and any sale fees.

By voluntarily handing the keys back you will lose control over the process.

Speak to NRAM and advise them of your situation and your proposed plans.

somberfate

Have reviewed all the costs i need and have reduced the house to rock bottom , enough to cover the sale and everything.

fingers crossed it works