Mortgage company steals my money

[Deleted User]

YES

Do you work? The debt seems like a lot now but you can probably pay it off in under a decade if you work hard and live frugally.

Yorkie1

YES

DELETED USER wrote:

Do you work? The debt seems like a lot now but you can probably pay it off in under a decade if you work hard and live frugally.

No, OP is not working and has no benefit income:

GINNAK2 wrote: »

After having a breakdown and attempting suicide last year, I've been unable to work and because I had the second house entitled to ANYTHING at all. So the debts have grown considerably, causing me a lot of stress.

Therefore the debts on both properties will continue to mount as the repayments aren't being made (by all accounts).

*Robin*

Would it be possible for OP to change to a residential mortgage, then get a lodger (or two, depending on number of bedrooms) to ensure he can afford the payments?
Kids could sleep in his room when they're there (Dad on living-room couch).

Not ideal, but might be an alternative to selling the house OP is now living in.

Or I am being especially stupid tonight?

TBagpuss

YES

GINNAK2 wrote: »

In total, both mortgages, I owe them £236,000, but these are separate mortgages, which separate account numbers. The mortgage in question is approximately £101,500 and house has sole for £170,000. The solicitor says that they are break rules regarding land registry apparently, but I takes a solicitor to understand the ins and outs and technicalities. The fact is that I paid the original fees on purchase, I saved and provided the deposit, I took out the mortgage (risk), I've paid the interest for 13 years and I've paid for the sale of the property. As I've said, this is no different than a bank taking the interest from your savings, apart from the purchase fees which obviously leaves me out of pocket on the whole deal.

It sounds as though it is similar to a bank taking the interest from your savings in order to pay off your overdraft or arrears on a loan, which, if both accounts are with the same bank (or same group) they are generally able to do (one reason why it is often a good idea to keep savings and borrowings with separate instituitions)

[Deleted User]

The rights and wrongs of the situation are immaterial now. You can't afford a solicitor, it IS happening. So best to look at damage limitation.., at least then you have some control.

Personally I would have thought the 'get lodgers' solution would be a brilliant solution. Its all very well to say proudly 'I am not living on benefits and never will' whilst also whinging about losing his house because he doesn't have sufficient income to pay the mortgage and/or has taken one out of the rental market on a BTL mortgage. There were other solutions to his problems then.., it just so happens the one he took guaranteed he'd lose at least one of the houses. Despite the depression and other things going on.., you have to fight your corner in the only way you can (see below). Letting feelings of how unfair it is overwhelm you is only going to perpetuate the negative thinking that got you here. Just because it is/may be 'unfair' isn't going to stop it happening. Concentrating on damage limitation might enable you to drag yourself out of it eventually.

I'd suggest the taking a lodger(s) solution might work a bit better. Its certainly better than living on the streets. Hindsight is 20/20 of course, but such a solution could possibly have prevented the loss of the profits from the first house if taken up earlier. If necessary, I'd rather live in one room in a house to pay the mortgage (converting living room to a rent receivable room as well) than lose the house entirely. And I know someone who did this.., kids and mother in one room, every other room rented out (although then u have to be careful of HMO rules possibly). They kept their house (which was actually only a small house) and eventually things got better for them. The kids didn't mind at all.

paddedjohn

geoffken wrote: »

Post 1
As I understand it you are out of work because of depression etc so currently probably not paying mortgage as you have no benefits either.

You now want the mortgage company to give you £68,000 so that you can continue to sit in a negative equity house, pay no mortgage and pay off your other debts.
IS not going to happen!!!
Better blacken up and get round to council office if it is as easy as you say it is.

Im almost certain, no, Im definitely certain you aren't meant to make comments like this anymore, the 70's are long gone;)

kingstreet

paddedjohn wrote: »

Im almost certain, no, Im definitely certain you aren't meant to make comments like this anymore, the 70's are long gone;)

See post #29 from the OP;-

Mind you, all of the immigrants that have moved into the town I live in are take care of, housed etc., I've paid in all my life, since leaving school in 1983, and I'm entitled to nothing

I think geoff was making a point!

paddedjohn

I take the point but not all immigrants are black, in fact the problem at the moment seems to come from Poland, Lithuania, Bulgaria etc which are predominately white countrys

BJV

Got to say I am not a mortgage expert and there has been lots of good advice on how to resolve the issue.

What i can not understand is how this has anything to do with Immigrants colour or creed. So sorry you had my support until then!

kingstreet

paddedjohn wrote: »

I take the point but not all immigrants are black, in fact the problem at the moment seems to come from Poland, Lithuania, Bulgaria etc which are predominately white countrys

I think it went some way to geoff reinforcing his dissatisfaction with the OP's post.

Whether xenophobic, racist or both, the post in question was not acceptable and geoff dealt with that how he saw fit - right or wrong!