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Giving up House
Comments
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davetheman wrote: »Should we carry on paying the mortgage and just stop the secured loan whilst dealing with this, or stop both?
If you are now going to start rebuilding your credit rating, you don't want recent mortgage arrears on it.
On the other hand, any arrears will reduce the equity in the property further, making the SL company likely to get even less money from forcing you out.
Pros and cons both ways.
I'm waffling and I don't know the answer.
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Have already look and up for sale around £200k hence were we go the valua from, so will the OR sell it back to use, I understood it would just transfer0
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davetheman wrote: »Have already look and up for sale around £200k hence were we go the valua from, so will the OR sell it back to use, I understood it would just transfer
Transfer if you wait til May. Allow you to buy it back if you want it before then (subject to OR agreement).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
We have not payed the November NR mortgage payment, getting calls and today a letter, do we ignore or should we make contact with them?0
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Surely if you want to keep the house you have to keep paying the mortgage. If you are going to give it up don't bother.0
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So the feeling is to keep paying the mortgage for the time being to see what the SL say, the problem is if the SL say no and issue the repo whilst we have been paying the mortgage then we would not have enough saved for the 6 months rent needed to rent a property0
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That's the problem.
Although if you can keep the money available so if the SL agree then you can pay the mortgage.
I think that is probably a good option.0 -
That is an option, just a some arrears on the mortage0
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You don't want the lender to go for repo if the SL decide to leave you alone!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Have today paid NR so not behind, and will write to the SL with an offer, so see what they say0
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