Please help me :-(

Mummyto4

Due to one thing after another I'm having to consider repossession or voluntary repossession if I do voluntary will I have to do bankruptcy too or can I arrange a payment plan for any shortfall or am I better just allowing them to repossess will it still have the shortfall to make up if the repossess etc I've found a property to rent etc and will be leaving this property in the next couple of weeks regardless of how I do it but would appreciate some advise etc x

egrescrimp

If you gave the house back, how much shortfall would there be and what could you realistically afford after renting and paying all your other bills?

Rrushi_Shqiptar

Short answer from me is I don't know but I think you will have to make up any shortfall either way? can you not arrange to sell the property rather than have it repossessed

I hope someone can answer this for you. I feel very sorry for you, avoid bankruptcy if you can is my opinion.

Mummyto4

To be honest I want rid the memory's and what the house symbolises for me is all too much it's making me ill I can't eat I can't sleep I just want rid I don't realty have the money to even put it on the market at the min I would happily pack up and leave without a 2nd thought just need help on how best to do this x

tomtontom

Can you give us more information, perhaps posting a statement of affairs so we can understand your situation?

Mummyto4

It just boils down to basically we can't afford it out mortgage company has a suspended possession order on the property when we first took the mortgage out 7 years ago for £600 a month we were earning in excess of over £35000 this due to redundancies has dropped now to around £22000 my partner has been made redundant 3 times in 7 years our payment has now grown and grown to £1160 this is the bare minimum all our other bills etc have suffered for this and I just can't see a way out my friend has an almost identical house we can rent for £450 a month .....I just can't live anymore scared to answer the door or open letters not knowing if where we might be living in 3 months time I want out and I'm happy to deal with whatever that brings but I want out xx

Mummyto4

I'm sick of fighting for last 3 years they've held me to ransom over the arrears it's just bricks and mortar and means nothing to me anymore I just want to move on and start living.

egrescrimp

Could you fill out this SOA and paste the results using the MSE formatting option http://www.stoozing.com/calculator/soa.php ?

Rrushi_Shqiptar

I understand your worries and feelings, I felt like that about my home and while my bankruptcy was ongoing before my AD. The sale albeit forced by the trustee was a big relief in the end. I do feel for you so much.

silvercar

If you feel comfortable posting:

property value, mortgage size, arrears, monthly mortgage payment.

There are such things as assisted sale, where the lender helps you sell. Also it costs nothing to put your house on the market other than an EPC which is less than £100.

Mummyto4

My only problem with attempting to sell is I may lose this other property I think value will be around £120000 I owe £110000 my arrears at a guess around £5000-£6000 very very minimum I can convince them into accepting is £1160 a month I just can't do it I'm constantly juggling everything all the time and have 4 small children to feed I just think even if I won the lottery 2morrow I just don't want this house anymore big statement I know but I've just grown to hate it and all the upset that surrounds it x