Is My Situation Completely Hopeless?

WinterWarrior

You have a great amount of collateral, is it possible to downsize to somewhere smaller or a different area? Having no mortgage, or a much smaller one might set you on a much safer path until you can recreate your career? 

cheexy

WinterWarrior said:

You have a great amount of collateral, is it possible to downsize to somewhere smaller or a different area? Having no mortgage, or a much smaller one might set you on a much safer path until you can recreate your career? 

I would really prefer not to do that especially with a new born. It is a huge change which I will not be able to handle. 

Spendless

Have you spoken to your mortgage provider? Years ago, when I was struggling on my own I spoke to mine and they reduced payments to half  for 6 months. They spoke to me at the end of that time and asked how I would pay back. By then I was in better circs and able to double payments until my arrears were paid back (that was my suggestion not theirs).

It's  25+ years since I did this , so I don't know what the modern day response would be and probably worth asking on here/the mortgage boards first about it and the viewpoint the mortgage provider would take but thought I'd throw it into the mix of suggestions.

cheexy

Spendless said:

Have you spoken to your mortgage provider? Years ago, when I was struggling on my own I spoke to mine and they reduced payments to half  for 6 months. They spoke to me at the end of that time and asked how I would pay back. By then I was in better circs and able to double payments until my arrears were paid back (that was my suggestion not theirs).

It's  25+ years since I did this , so I don't know what the modern day response would be and probably worth asking on here/the mortgage boards first about it and the viewpoint the mortgage provider would take but thought I'd throw it into the mix of suggestions.

Thank you...I will look into this

enthusiasticsaver

You need to speak to your mortgage provider and ask if they can restructure. The rest of the debts don’t matter so just default.