Mortgage difficulty - contacting the bank

warmhands.coldheart

If that truly is what your house is worth now and it cost £175,000, I'd seriously consider Bankruptcy. I note;

Irishgal wrote: »

Bankruptcy may be an issue in my job as I work in professional services. .

Check this out as from what I believe, legal positions, accountancy, financial services, politicians and some civil servant roles may be affected...

realistically you'll never see you house get back to it's purchase value.... considering the debt, unless the Bank are willing to do a write down in value, (Which I highly doubt they will) then Bankruptcy may be the only option....... Life's too short !!

piglet74

have you enquired about assisted sale or voluntary surrender?

motorguy

Not so sure about bankruptcy as a first resort.

Personally, i'd look at letting the bank take back the house ASAP.

I'd then look at getting a debt management plan in place with someone like PayPlan who offer their services for free.

Not sure IF the bank will try to pursue you for their costs but if they did, then i guess you'd go down the bankruptcy route at that point.

saverbuyer

piglet74 wrote: »

have you enquired about assisted sale or voluntary surrender?

First Trust doesn’t do assisted sales.

Voluntary surrender is just a pleasant name for repossession.

saverbuyer

motorguy wrote: »

Not so sure about bankruptcy as a first resort.

Personally, i'd look at letting the bank take back the house ASAP.

I'd then look at getting a debt management plan in place with someone like PayPlan who offer their services for free.

Not sure IF the bank will try to pursue you for their costs but if they did, then i guess you'd go down the bankruptcy route at that point.

The banks will add all costs to the shortfall. You'll then have 3 options,

Offer a monthly payment to cover the shortfall.
Offer a full and final lump sum.
Bankruptcy.

warmhands.coldheart

motorguy wrote: »

....Not sure IF the bank will try to pursue you for their costs ......

Does a bear 5h1t in the woods........ tell me a bank that wouldn't ??

almillar

Hope you're able to get something OK sorted. My only advice is get those statements and payslips off to them ASAP to help inform them and get on with whatever decisions they will take.

eljapo4

Your local Credit Union offers the DMP service similar to that of PayPlan or CCCS

piglet74

saverbuyer wrote: »

First Trust doesn’t do assisted sales.

Voluntary surrender is just a pleasant name for repossession.

But a hell of a lot more pleasant all the same,

piglet74

warmhands.coldheart wrote: »

Does a bear 5h1t in the woods........ tell me a bank that wouldn't ??[/QUOTE]

Been known to happen