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Repossession?
rosiesq
Posts: 63 Forumite
Hi
Haven't been on for a while, but need some advice please. In August 2016 the mortgage is due to be finished. For the last 6 years, we (ex. and I and DWP) have paid interest only, leaving a large sum to be paid off, which we cannot do. (Details about our split, my life etc; are well documented on here previously.)
Both of us are on benefit, due to ill health. Will the mortgage company simply re-possess? I've been told that they will try and sort out a solution, and we will not lose the house, but that details will not be given until 6 weeks before the due date. Does anyone have any more information regarding this, or any advice to offer please? Many thanks as always. x
Haven't been on for a while, but need some advice please. In August 2016 the mortgage is due to be finished. For the last 6 years, we (ex. and I and DWP) have paid interest only, leaving a large sum to be paid off, which we cannot do. (Details about our split, my life etc; are well documented on here previously.)
Both of us are on benefit, due to ill health. Will the mortgage company simply re-possess? I've been told that they will try and sort out a solution, and we will not lose the house, but that details will not be given until 6 weeks before the due date. Does anyone have any more information regarding this, or any advice to offer please? Many thanks as always. x
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Comments
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Are there arrears on the mortgage?
In other posts you said the property has been on the market since 2010. Has it still not sold?
If the property is on the market for £300k, what mortgage is left?
The answer may be to sell at a lower price.
Have you been in touch with the lender and asked to extend the mortgage?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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I think it is unlikely that any solution will halt repossession unless you can make a plan to repay the capital. You have not done that for over six years. What are you going to convince a lender with. It sounds like you will never be in a position to repay the mortgage.
This sounds harsh but you need to plan for the worst.0 -
Thanks for the replies people. No, we shall never be in position to pay off the mortgage. We ahve both been too ill recently to even consider thinking about moving house. We cannot extend the mortgage, we are both too old. The last time I spoke to an advisor from the mortgage company I was told that they will not take the house off us, which I found very strange. I'll have to look into it some more when I'm well enough. Thanks again. x0
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