so i posted here in july of last year that I had two house , one of which was our original home which was to become an investment property.
I am now in serious negative equity on both houses , one is up for sale ( with three viewings since christmas ) we have dropped the price to below what we paid for it in 2004 and it is still not selling .
I have just recieved an offer from my employer to relocate to the US with my family , I have two small children .
At the moment I am paying two mortgages and struggling to survive , both children will be going into creche in a couple of months and we simply will not be able to pay for it..
I have applied for a moritorium with our mortgage lender , which they refused as we are both in full time employment. this means in order to get the moritorium I would need to make myself unemployed , doesnt make much sense to me.
Anyway , I am seriously considering this offer of relocation , which means I would either have to rent out both houses , which is a nightmare in my opinion or put them up for sale , which hasnt been working too well so far .
in short I am considering handing the keys back to the bank at this stage , they will survive , we wont if we continue as we are .
Anyone has any other advice / options I am open to ideas ...
Fred.
I am now in serious negative equity on both houses , one is up for sale ( with three viewings since christmas ) we have dropped the price to below what we paid for it in 2004 and it is still not selling .
I have just recieved an offer from my employer to relocate to the US with my family , I have two small children .
At the moment I am paying two mortgages and struggling to survive , both children will be going into creche in a couple of months and we simply will not be able to pay for it..
I have applied for a moritorium with our mortgage lender , which they refused as we are both in full time employment. this means in order to get the moritorium I would need to make myself unemployed , doesnt make much sense to me.
Anyway , I am seriously considering this offer of relocation , which means I would either have to rent out both houses , which is a nightmare in my opinion or put them up for sale , which hasnt been working too well so far .
in short I am considering handing the keys back to the bank at this stage , they will survive , we wont if we continue as we are .
Anyone has any other advice / options I am open to ideas ...
Fred.
