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Mortgage arrears - anyone been there?
muppetscotland
Posts: 105 Forumite
I can't pay my mortgage or my secured loan. My husband and I have both lost jobs with our Ltd company when it went into liquidation recently. Both on benefits and frantically seeking jobs.
Both lenders are being very understanding for now.. I have three months from both meantime. The mortgage co then said they would issue some kind of official letter which then gives 8 more weeks....then what I don't know?
I can't see any light at the end of the tunnel. All I can think about is losing our home in January. Please if you have any experience of this can you share? With thanks
Both lenders are being very understanding for now.. I have three months from both meantime. The mortgage co then said they would issue some kind of official letter which then gives 8 more weeks....then what I don't know?
I can't see any light at the end of the tunnel. All I can think about is losing our home in January. Please if you have any experience of this can you share? With thanks
Travelling hopefully 🏃
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Comments
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Have you an emergency fund built up?Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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Not anything like enough to pay for one month mortgage....just a few hundred to pay for new washing machine or car repairs. That type of thing.zippygeorgeandben wrote: »Have you an emergency fund built up?Travelling hopefully 🏃0 -
looking at your signature you have quite a bit of unsecured debt as well
is there any equity in the property? Could you sell it and pay off the mortgage, secured debt and some of the dmp?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you have friends, or family, that you can stay with should the worst happen ?
Lenders will only go so far, they then have to cut their losses, but hopefully you will both find jobs pretty quickly, and it wont come to that.
However, if you do find yourselves facing repossession, declaring Bankruptcy would be a good move before that happens, you would lose your house, yes, but the remainder of your debt will also be wiped out, allowing you to at least start again.
I know that you probebley dont want to consider that option right now, and with any luck you wont need too, but handy to keep a clear head about your options in these situations.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Sell something. I suspect you have cars with a reasonable value in them? Currently you don't need two and if you do find work you can always buy a banger.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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