Want to free ourselves from bad investment properties...

MrsCurly_2

Having a problem with BLT properties and the mortgage lender - the properties are losing money but we don't want to effect someone who is also party to the mortgage as we can no longer afford the payments.

If we asked the lender to take the properties, could we plea bargain with them to pardon the person we don't want to be effected?

We are really desperate to free ourselves of the mortgages and don't mind our credit being effected but don't want to effect the other person.

We have tried Transfer of Equity but this requires paying a lot of money to bring the LTV down.

None of us can afford the debt... really awful situation! Any advice or help on what we might be able to try gratefully received!

holly_hobby

All mortgagors (borrowers ) are jointly and severally (singularly) liable for the debt, if you are not happy with the returns and want to walk away from the whole thing, there will be no "pardoning" of any mortgagors - you are all responsible, and will all be pursued.

My advice, is to sell the properties and come to an arrangement with the lender for any shortfall on disposal (which again all mortgagors are pursuable for).

Hope this help

Holly

ACG

Are you on interest only? If your on repayment, extending the term or converting to interest only may help?
Are you tied into a deal? If not, can you move elsewhere to a cheaper deal?
Are you getting the maximum rent possible?
Are you paying a letting agent?

Having 1 person excused from the debt as Holly says isnt going to happen so its a case of trying to work with a broker and or the lender to try and find a way to make it all work and cause the least damage possible.