Mortgage going UP, Have to Sell

slipp_digby

reidy100 wrote: »

I dont think so, Yes I was in the same position just under 2 years ago, I changed mortgages. That gave me 2 more years in our house. The selling price has gone down bearing in mind it needs some things doing to it, and offers for similar houses have been£20-25k less than asking price,I have therefore reduced the estimated equity figure accordingly.

I dont think you have helped my genuine thread here one iota by your claim, Shame there is not a 2 a fingered icon for people who havnt helped at all as im sure you would have quite a collection.

£170k - £100k = £70k - has it really lost £70k in equity in two years?

a discrepancy in your numbers of this size clearly invites cynicism.

reidy100_2

CHR15 wrote: »

Leave her in it and do a runner before she drags you into complete financial ruin/ bankrupty (at which point they normally leave the bloke anyway!!)

Now I hadnt thought of that;) What about the equity tho?????

Jorgan_2

reidy100 wrote: »

I have a minor problem and that is the wife is well attached to the house, and doesnt want to sell and is understandably emotional when I mention selling.

How does she react when you mention the words bankruptcy and repossession?

The sooner she faces upto reality, the easier its going to be for both of you. At the end of the day, a house is bricks & mortar, a home is what you make it.

ValuableYouth

What a pickle. Deary deary me. I suggest a tarpaulin and beans.

Debt_Free_Chick

Oh dear, oh dear, oh dear .... you men don't really think that you can overcome female emotion using logic and threats of "what might happen" do you ?

:rotfl: :rotfl: :rotfl:

You're going to have to "paint a dream" of how better life will be if you move to another property. And that dream had better describe the right curtains, too! :rotfl:

WTF?_2

CHR15 wrote: »

Leave her in it and do a runner before she drags you into complete financial ruin/ bankrupty (at which point they normally leave the bloke anyway!!)

Harsh, but fair.

reidy100_2

slipp_digby wrote: »

£170k - £100k = £70k - has it really lost £70k in equity in two years?

a discrepancy in your numbers of this size clearly invites cynicism.

If you read my post "The selling price has gone down bearing in mind it needs some things doing to it, and offers for similar houses have been£20-25k less than asking price,I have therefore reduced the estimated equity figure accordingly" plus my estimate is now a reality check figure

Now please go and interfere with someone elses thread

reidy100_2

Debt_Free_Chick wrote: »

Oh dear, oh dear, oh dear .... you men don't really think that you can overcome female emotion using logic and threats of "what might happen" do you ?

:rotfl: :rotfl: :rotfl:

You're going to have to "paint a dream" of how better life will be if you move to another property. And that dream had better describe the right curtains, too! :rotfl:

You know I think that might work!!!:T

ValuableYouth

I had a mate, Stick, who had to live in a tree after the last house price crash. His advice was to always make sure you have plenty of spare jumpers to hand, and learn how to defend yourself against squirrels. Sound geezer was Stick. He raised 7 kids while living in that tree. The epileptic one, Twitchy-Fitter Rainbow, was tough to bring up, but they got by. They made him wear a burdock burr shirt and trousers. Pretty good at sticking him to the moss. Really scared a couple of ramblers once. They thought they were about to be attacked by a rabid ent.

slipp_digby

Ok - so in your previous thread your numbers were a bit wrong and you were a bit unrealistic about the value of your house two year ago.

In summary then you need to grow a set of balls and tell your wife that you are no longer in a position to be able to pay the mortage, and the warning signs were there two years ago that this might happen.

You follow this up by telling her that despite your dodgy self certified mortgage which allowed you to borrow beyond your means, by selling through an EA at a reasonable price NOW you will end up with a a large chunk of equity smelling of the proverbial and you can rent somewhere 'nice'.

You go on to explain that the companies that buy property below market value and let you stay there will result in you getting less of the equity and will in all probability kick you out after 12 months or stop paying the mortgage anyway.

The 'thanks' button is below right my little cherub.