is 85% a good deal?

emmaroids

lol
my OH is gonna kill me, she was all set for a move and now im now going against the idea
we want to go out with the kids on a weekend and for days out and perish the thought we would like to take them on holiday but i cant see that happening while we are paying this big mortgage.
on the other hand, come September both our kids will be in full time school and we can both go out and find more work, im on the market for full time work now as appose to the part time i have been doing.
so i will see what the bank says tomorrow and get myself some bum pads for the kicking the wife is gonna give me lmao.

eslick

emmaroids wrote: »

37 .........

Then plenty time, fully support what dithering dad said all you need to do is get to the point financially where you are ok to start paying back the loan and you will be ok and if thats increasing the term so be it. In the end you keep your house and dont pay rent.

Good luck.

emmaroids

!!!!!! !!

they wont change me to interest only as im in arrears :mad:

the only way they will maybe do it is i have to be selling my house then they will consider going to interest only.

!!!!!! do i do now :o

withabix

Oh dear. Sorry to hear that.

How much arrears?

Some banks do seem to conspire against you when you really don't need it.

gallygirl

emmaroids wrote: »

!!!!!! !!

they wont change me to interest only as im in arrears :mad:

the only way they will maybe do it is i have to be selling my house then they will consider going to interest only.

!!!!!! do i do now :o

OK. Put the house up for sale & show the bank, get them to put you on IO. Market the house at the top price & don't accept offers. Hopefully that will give you 6 months grace - or maybe you'll get a top whack buyer.

Don't despair xx

emmaroids

withabix wrote: »

Oh dear. Sorry to hear that.

How much arrears?

just over 2k.

ali007 wrote: »

OK. Put the house up for sale & show the bank, get them to put you on IO. Market the house at the top price & don't accept offers. Hopefully that will give you 6 months grace - or maybe you'll get a top whack buyer.

Don't despair xx

this is what im gonna do.


edit: the buy it and rent back company couldn't offer me what i needed (83k+)
so maybe i should accept enough to pay the mortgage (73k) and cut my losses?


edit#2 if the bank did give me IO when i come to sell and in 6 months time i could be in a position to pay the capital so whats stopping me taking my home off the market?
i would have a pull out fee but would still be here.

gallygirl

Edit 1 - You're NOT cutting your losses if you sell without enough to pay your debts - you'll still be liable.

Edit 2 - Nothing to stop you. Get a no sell no fee deal from estate agent (which 99% have anyway).

Take some advice on bankruptcy (you could try the bankruptcy forum at the top of the DFW board) - if you have very little capital in your house you may not even lose it.

And calm down - easy for me to say I know. You need to get out headless chicken mode, stop making decisions!!!!!! and tehn more decisions!!!!! A day or 2 won't matter, give yourself time to find out some more info.

Take care xx

emmaroids

cheers dude :money:

possibly BR could be the way forward?
have posted on the BR board.