Losing my home

Dave_Ham

Sorry let me start from the top, to see if you have any scope for staying.

How much is property worth?
Approximate mortgage balance?

Breakdown of your income

If this does balance, we can then assess the impact of the mortgage missed payments on your overall credit score.

With the above information, we will quickly be able to determine if you are miles off and the advisor is correct or if there may be some hope...

michaels

Could you take in a lodger as a short term measure to buy yourself some time?

dancingfairy

Worst case scenrio. You can't afford the mortgage payments, you get repossessed and become homeless and the council houses you and your child and you have to go bankrupt.
Next worse you get a sale and rent a new place. You may not qualify for housing benefit to start with if you have money from the sale of the house. Have you done a benefits check to see what you'd be entitled to? If you claim housing benefit you wouldn't necessarily have to tell your landlord. You just take your tenancy agreement to the council and they pay you (and then you pay the landlord).

With regards to the housing association are you talking about the mortgage rescue scheme? I'll see if I can find some details for you. Some useful help and advice on mortgage rescue here: http://www.adviceguide.org.uk/england/debt_e/debt_mortgage_problems_ew/debt_how_to_sort_out_your_mortgage_problems_e/mortgage_rescue_schemes.htm Have you been to the council to enquire or spoken to the housing association?
Are you paying anything towards the mortgage at the moment? If you decide not to go for mortgage rescue/or can't then you might want to carefully consider not paying the mortgage in order to save up for moving costs, new furniture, and a deposit.
What are the debt charities advising you to do at the moment? Have you spoken to Shelter?
Whatever happens you and your son will be ok.

df

jacques_chirac

Thinking longer term, could you get a year round job, rather than term time only? Your benefit entitlement will drop considerably once your son leaves education, and it would be better to prepare for that sooner rather than later.

kellyjo70

House is up for sale @ £150,000 and we still owe £105,000. Step Change and a financial advisor looked through my income, (which is pretty low for full-time) and outgoings but said that there was a short fall. Step change said it wasn't much so it was workable but when I relayed this info to my mortgage company, they said that interest had to be added on which made the difference greater and they would not be able to help me.

comeandgo

So your ex is in financial straights too so even if you were both still together you may possibly have had to sell - dont blame him for all this. Dont become a victim - you have your son and will get through it. It will be tough but it is for lots of people. You will have a small amount of money after the sale, many people have absolutely nothing. Show your ex that you can succeed without any help from him.

kellyjo70

michaels wrote: »

Could you take in a lodger as a short term measure to buy yourself some time?

No I only have 2 bedrooms. One for me, one for my 16 year old son. One downstairs reception room has the stairs in it and the other leads to the bathroom so no private rooms to rent out.

kellyjo70

comeandgo wrote: »

So your ex is in financial straights too so even if you were both still together you may possibly have had to sell - dont blame him for all this. Dont become a victim - you have your son and will get through it. It will be tough but it is for lots of people. You will have a small amount of money after the sale, many people have absolutely nothing. Show your ex that you can succeed without any help from him.

Its scary but it is making me stronger. I am certainly learning fast!

cynicalgit_2

Surely he should pay something towards his sons upkeep?
A lodger could be handy, and give you a breathing space.
Don't do anything hasty, selling up should be a last resort if rent will work out the same.

kellyjo70

jacques_chirac wrote: »

Thinking longer term, could you get a year round job, rather than term time only? Your benefit entitlement will drop considerably once your son leaves education, and it would be better to prepare for that sooner rather than later.

I have considered this but in my current situation I rely on tax credits to be able to afford my household bills, whatever I earn extra gets taken back from tax credits leaving me not a lot better off. once I have moved and have a bit of equity I will have to cancel my tax credits so then it may be time for me to find another job. lots of changes!