Mortgage Rescue Scheme

sarek

Does anyone have any experience of this.

Due to depression and attending CBT two days a week, therefore only working 3 days a week and now 4 days a week, CBT down to one day a week, i have been on interest only payments plus amount of arrears for 6 months or so. Now Rooftop Mortgages want me to pay full amount, from December, which will amount to £709 out of my 4 day week money, just over £1,000, which I cannot do. Housing aid have suggested trying for mortgage rescue scheme. Had meeting with CAB this morning and they said that if the council take this on I will lose my equity in the property (Currentlly £80,000).

Any alternative ideas as I do not want to lose this money, really can't afford to as I only have a few more years to work.

RedFraggle

I assume CAB will have gone through this, but are you claiming any benefits you may be entitled to? You are essentially not working full time because you are not well enough to so you may be able to get some help whilst you get yourself back on your feet.
Could you take in a lodger? If there are any big employers near you they may have a need for short term housing for new starters or students on placements etc. It could make you some extra money to help make ends meet without you having to commit to anything in the long term. I know the thought of that might fill you with dread (I have suffered from depression too) but it could actually be beneficial. Good luck

sarek

Redfraggle,

Thanks for the suggestion of the lodger, unfortunately the house is a 1 1/2 bedroom cottage, so no room for anyone else, unless I was very friendly with them!

Not entitled to any benefits unfortunately.

casualwalks

Sell and buy something cheaper?

sarek

Casualwalks,

House has been on the market for 5 months with very little interest due to the economic climate and as i live in Derby, Bombardier problems haven't helped.

Still trying to sell, and buy something cheaper or rent, just dont want anyone else to get my equity, i worked hard for that.

beecher2

Perhaps the house doesn't have £80k equity if you've had very little interest in 5 months. Price it to sell and move on would be my advice.

SouthCoast

Information from CAB on Mortgage Rescue Schemes

http://www.adviceguide.org.uk/index/your_money/money_management_index_ew/mortgage_problems_index_ew/how_to_sort_out_your_mortgage_problems_index_ew/mortgage_rescue_schemes.htm