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Negative equity - ADVICE REQUIRED
rrfc2711
Posts: 1 Newbie
Hope you can help.
I have a property on the market, valued at £80,000. Balance on mortgage is approx £85,000 and there will be a further couple of the £1k's added for estate agent agents fee's as has been on market for a number of months.
Mortgage is in joint names, neither myself or my ex-wife can afford to contribute to mortgage due to expenses towards new living accomodation following our seperation. There are now substantial arrears on mortgage and I have received a calling up notice from mortgage provider.
I am considering handing back keys voluntarily as I do not believe I will get an unsecured loan to repay shortfall, due to arrears.
What should I do next?
I have a property on the market, valued at £80,000. Balance on mortgage is approx £85,000 and there will be a further couple of the £1k's added for estate agent agents fee's as has been on market for a number of months.
Mortgage is in joint names, neither myself or my ex-wife can afford to contribute to mortgage due to expenses towards new living accomodation following our seperation. There are now substantial arrears on mortgage and I have received a calling up notice from mortgage provider.
I am considering handing back keys voluntarily as I do not believe I will get an unsecured loan to repay shortfall, due to arrears.
What should I do next?
0
Comments
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See sense..... What should I do next?
1 or both of you should move back in and pay the mortgage until you sell. Arrears are not good, but they come off your record in 6 years. A repo will dog you for 12 years. You are both accumulating damaging financial baggage.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
In agreement with previous post.
At least pay the interest on the mortgage if nothing else.0 -
You need to contact the lender to ask for their agreement to a sale at below the mortgage value. Otherwise, you could get to exchange with a buyer and be unable to sell at the agreed price.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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