Debt advice - mortgage

janzbro

Hi, I need some advice please.

I have lost my job and suffer from mental health problems and unable to work at present. We have sort help from citizens advice and they are contacting our credit card loan lenders to put a temporary stop on payments.
We have contacted santander (our mortgage provider) to tell them the situation and we are struggling and will only be able to make payments for 3 months but they have said they wont do anything until they see that the other creditors have been put on hold and we are in arrears - this seems like madness as we are trying not to go into arrears and need to reduce payments to give us time to sell the house.
This is making my mental health even worse, I cant see a way out as they are not willing to do anything to help - its almost like they want us to default.:(:(:(

[Deleted User]

You're going to default in any case, whether now or in three months. so don't worry about that. Now that they know, things will be hopefully be easier when or if that time comes.

Just keep in contact with them.

csgohan4

They may put you on interest only mortgage for a set time, but not indefinitely and eventually if you are still unable to keep up payment, you may have to sell your house or risk getting repo

janzbro

We have already made the decision to sell the house and its going on the market in a couple of weeks - It would just give us a bit of breathing room to sell it if they did something to help as our saving will only last a few months at the current payment, otherwise it will go to auction and we will end up with !!!!!! all or if worst came to worst, we would still owe them money - god forbid it sold for less than we owe on the mortgage

janzbro

I just find it unbelievable that they wont do anything to help until we default, if they just allowed reduced payments, interest only, payment holiday, anything it would help give us a bit more time to sell - I am not in a good place right now and cant get another job - not that that would make a difference even if I could as the payments we so high.

Its not like we are in london where we would be beating off buyers, We live in the north and the housing market is dead.

Tried webuyanyhouse type buyers and they will only offer 65% - bloodsuckers out to take advantage of people in dire straits - I would accept 80% valve and take the hit but these companies are taking the pis*

[Deleted User]

Your mortgage is a priority debt the credit cards and loans are not. It would be less bad to default on the unsecured debts than your mortgage. Have you put in a claim for Support for Mortgage Interest?

janzbro

not eligible,I am worried sick.

I am claiming ESA at present (£70 odd a week) as ill with depression and anxiety but they have now sent me a 26 page book to fill in to carry on with support, as sick note is not enough now so I have found out and they dont care if you have a mental illness they want the form filled in or you lose what little support they now give.

We have took citizens advice advice and stopped paying all credit card / loans as non priority debts and they are contacting them with hold letters very scary times as they are all now sending threatening letters, but even with that reduction we only have a few months of savings for the priority debts like mortgage, water, gas, electricity, council tax, food.

janzbro

I desperately need/want another job, I have never been unemployed and I have never claimed a thing in my life but with the way I am at present I just cant do it.

Thrugelmir

janzbro wrote: »

We have already made the decision to sell the house and its going on the market in a couple of weeks - It would just give us a bit of breathing room to sell it if they did something to help as our saving will only last a few months at the current payment, otherwise it will go to auction and we will end up with !!!!!!

If you are actively marketing the property. Then the lender will allow you a period of grace. Given the time and expense in taking court action. Lenders would much prefer an orderly exit.

janzbro

I hope you are right as it makes perfect sense, it would be better and cheaper for them to allow us to sell it but its almost like they dont believe we are in dire straights or they just want to squeeze every penny from us before starting repossession.

Is there anything else we can do - we will inform the mortgage lender again that our financial situation has not changed and is unlikely to improve as I am ill and is getting worse every week.

Can anybody recommend a cash house buying company, is auction is a possibility sorry I know little about it. We have had valuations done and some estate agents we touting a new style auction but my head is in the shed at the minute and could not take in the information.

Thrugelmir

janzbro wrote: »

I hope you are right as it makes perfect sense, it would be better and cheaper for them to allow us to sell it but its almost like they dont believe we are in dire straights or they just want to squeeze every penny from us before starting repossession.

Is there anything else we can do - we will inform the mortgage lender again that our financial situation has not changed and is unlikely to improve as I am ill and is getting worse every week.

Can anybody recommend a cash house buying company, is auction is a possibility sorry I know little about it. We have had valuations done and some estate agents we touting a new style auction but my head is in the shed at the minute and could not take in the information.

Lenders do not recover the entire costs of undertaking repossession proceedings.

Your lender is an entity. Once in mortgage arrears your case will follow due process.

Speak to an agent and price your property right. Auction may not speed the process up nor achieve a good sale price.