Advice please

peachyprice

Hi WDWDN,
In that case I would stop paying the mortgage and keep the payments towards rented accomodation, your equity is dwindling by the day almost.

If you stop paying the mortgage now you'll have a fair few months before anything happens on the reposession front, by which time you should have enough saved for a deposit and some left over for moving expenses and your BR fees.

In the meantime have a look around to see what's available in your area so you have a rough idea of the price range you're aiming for.

HTH

whatdowedonext

Dear HTH

Thank you we are going to have a look today at a couple:o

R & L

Scarlett.1974

Hi R&L :wave:

We were in a similar position to you, although we were already in massive negative equity. We stopped paying the mortgage October 2007 and moved into rented in January this year. The house has only just (this week) been repossessed - trust me, they certainly don't rush these things!

In hindsight, I kind of wished we hadn't moved out as quickly as we did, only because we had to borrow 6 months rent from my mum to pay up front to the Letting Agents for our rented house - if we'd stayed put for a few months longer we could have saved it ourselves. But never mind, it's done now. I just wanted to tell you that to give you another option - don't necessarily be in massive rush to move into rented

Best of luck to you both

Scarlett xx

whatdowedonext

Hi All and thank you Scartlett for the good advice you have been through so much and it's comforting to speak to somone who can relate to losing a home especially with children.

So I have been so up and brave and yesterday I went to look at a house, nothing wrong with it other than it was in the middle of fields and nowhere near anything including my children's friends etc. Before we had (or the mortgage company let us live here) this place I would have jumped at it. But I couldn't stop thinking of the negatives nowhere near the school, neighbours etc and the whole thought of moving all of us packing!! etc etc etc

I burst into tears and haven't been able to recover yet not even a glass of wine or ice cream could move my black cloud. I felt so sorry for oh as he'd arranged the appt and has been really up about things. Off par and stressed not a great combination. We've sent letters today to creditors to offer a £1 each and a letter of explanation. Not sure what reaction we'll get but I guess until we complete the BR papers it will at least make it clear there's no money. Spoken to Mortgage company and explained we cannot meet the monthly payments and the arrears and that we've instructed a new agent. Going in tomorrow to sign off details and get it on the market. Lets hope it's a quick sale, we can only hope. Gave my parents a brief summary of what's going on but not the full extent as always my mum was supportive, loving and understanding. My father very distressed and worried they have propped us up in the past and cannot and SHOULD not do it again but it makes him feel helpless. The only saving grace is that he knows I'm with my wonderful oh who loves me and the children and we will always be there to support and take care of each other as much as we can. Sorry to get cheesy but you hang onto the things that matter when everything else is crumbling.

No sales this week for oh another worrying week. He does have another 2nd interview next week so fingers crossed. I keep thinking about the positives and with a job offer how the whole situation can change quite dramatically

Speak soon good luck to all xx

R & L

inmypocketnottheirs

whatdowedonext wrote: »

No sales this week for oh another worrying week. He does have another 2nd interview next week so fingers crossed. I keep thinking about the positives and with a job offer how the whole situation can change quite dramatically

Speak soon good luck to all xx

R & L

I did PM you earlier in this thread.

I too work on commission only sales, and it is very tough. Especially direct selling to the public, who often let you down by not being in for a pre arranged appointment.

It can be soul destroying. But guess your OH can earn some really good money when he sells. Its all about focus, keeping going, handling the rejections, smiling and knocking on the next door.

I can tell by your posts, you are in a strong relationship and support each other.

As you probably know, commission only sales can be the easiest low paid work or the hardest high paid work. Your OH can probably earn more than a doctor or a lawyer if he gets the business in. Where else could he earn that sort of money.

It is very disheartening when going through a bad week or month. But you are helping him with your support and I am sure that he can 'do the business' and earn some good commissions.

Hopefully he can get his head in the game and turn his fortunes around. As long as his company is good, look after him and pay him on time, often sticking at things just when everyone else would give up is just when the tide turns.

Good luck and HTH. PM me if I can help!

whatdowedonext

Hello everyone

Not been on for a whole week!! Went down with Gastric Virus!! Lost 1/2 stone (much needed) just wished in not such an aggressive fashion.

So much has changed oh has landed his dream job!! Funny how we all change he keeps saying the salary is not so important this time around it's the company and the people which outways the money, how true. Let's hope they don't let him down, I'm sure they won't.

So this brings lots of different options?? We have been looking at properties for rental and we will be able to sell one of our cars to pay for deposit and rent in advance. We have five kids all together although two only visit holidays and every other weekend so need a fairly large place(nothing big and flash) just enough room to swing a few kids!!

Should we consider staying put in this house if we manage to sell it we will just cover our costs and walk away with our dignity. Or do we come to an arrangement with mortgage company/or to pay monthly figure to stay here??

We are definately going to go br as even with a salary we still cannot afford a dmp high enough to satisfy creditors.

Our rental looks like it will be less than our mortgage by approx 1/3 so a big saving I guess an or would prefer to use that to pay creditors not our mortgage company??

Any advice would be well received

Many thanks

R & L

dalip

:j :j :j so pleased for your OH bet he is like a dog with 2 things:D and he deserves to be too. Seems to have made such a diff in that your post sounds so much more positive,what a moral booster for you both. Maybe now you will look at rentals in a diff light too.Give my heartfelt congrats to OH please.D

whatdowedonext

:rotfl: Hi D

Thank you for the message he is and has been. Lots of laughter in this house today:j .

Speak soon

R & L x

dalip

Good they say laughter is the best medicine. Amazing what a difference a bit of good luck can make to our spirits,now all [strike]i [/strike] we need to do is win some cash on the lottery tonight to lift mine:D

shadowdragon

dalip wrote: »

,now all [strike]i [/strike] we need to do is win some cash on the lottery tonight to lift mine:D

Are we sharing????