Mum's house being repossessed unless I can find £30k

Andrew_Ryan_89

Please delete thread

tomtontom

Sell the property, buy somewhere more sustainable, or rent.

Or take some of the advice you've been offered on the three other identical threads.

Keep_pedalling

tomtontom wrote: »

Sell the property, buy somewhere more sustainable, or rent.

Or take some of the advice you've been offered on the three other identical threads.

Agree, she has plenty of equity in the property, to not have to downsize on a large scale, although I think between the 3 siblings you do need to raise the cash to pay off the mortgage before you sell, because if the house is repossessed it is highly likely that a good chunk of that equity will be lost in a fire sale.

AnotherJoe

The bank never bothered her about it until recently

---

Oh I bet they did. They've probably been sending shortfall letters for the last ten years at least.
Sounds like she'd do better to sell and move into a smaller place just for her rather than your two hapless siblings who even though they could lose their home don't seem bothered to be doing anything about it.

patman99

First off, how much money does your mum have?. She might be able to buy some time by paying the Bank all of her savings as a part payment and then come to an arrangement to pay the rest in, say, six months.

There are 3 siblings involved. So they only need to find £10k each to pay the outstanding mortgage off.

How much would you each be able to raise via a single Bank loan each?.

You state that the property is part-residential and part commercial. Is your mum running a business from the address and if so, is she employing your two siblings?.

If so, have they tried applying for Working Tax Credit?. If each of them is entitled to WTC, then this could help to pay-off the outstanding amount that the Bank wants.

Also, if she runs a business, can she get a business loan to make-up the shortfall between what she can pay now and what is due?.

I'm assuming that your mum was not so stupid as to believe that the Bank would cheerfully forget about the actual capital part of the mortgage as she had paid all the interest, in which case, why did she not save money to pay this?.

Caz3121

OP, you have posts started over 6 months ago on this...what has been done in the last 6 months?..did you try the advice given?

https://forums.moneysavingexpert.com/discussion/5325287
https://forums.moneysavingexpert.com/discussion/5364120

[Deleted User]

70 years lease? BIG problem for anyone wanting a mortgage as its probably just on the minimum they would want to see

Richey_

House was worth in excess of 320k in September, now worth 280k in March, what's causing the massive decrease in value?

Keep_pedalling

Richey_ wrote: »

House was worth in excess of 320k in September, now worth 280k in March, what's causing the massive decrease in value?

As the OP never seems to return to his threads after the original post I doubt if we will ever find out.

robatwork

He's waiting for one of us to offer him the £30,000

DCFC79

Keep_pedalling wrote: »

As the OP never seems to return to his threads after the original post I doubt if we will ever find out.

Give it a couple more months and the OP will be back asking for more help as the situation has got worse.