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Thrugelmir

000000blue wrote: »

are stuck here until our children are able to sell the other two properties for what we paid for them!

Do your children live in them?

000000blue

Kidmugsy - I think we have possibly been stitched by our bank in that we can't sell our main residence and downsize to clear our mortgage because there's not enough equity to repay the building society and the bank - there never was. We borrowed from the bank to buy two properties to renovate and sell on but the market crashed in the short time it took us to get them to market, so we couldn't then sell. But the bank not only took a first charge over each of the two properties, they also took one for each of the two loans over our main residence. We stand no chance of repaying what will now effectively be three mortgages from the sale of one property.

Thrugelmir - No, our children don't live in them. What I meant was that the value of the two properties won't recover sufficiently in our lifetime for us to be able to sell them and repay the bank what we owe them, so our kids will sadly be left with that problem.

Thrugelmir

000000blue wrote: »

We borrowed from the bank to buy two properties to renovate and sell on but the market crashed in the short time it took us to get them to market, so we couldn't then sell.

Then you weren't stitched. You took a gamble and lost. The bank took the correct course of action and secured its debt.

There's an old saying. Only stake what you can afford to lose.