N
noreta
Guest
Hello
I really need some advice. I'll try and keep this simple. My husband and I are in negative equity to the tune of at least 50 grand. We are not paying our full mortgage, in fact we are not paying the full interest payments at the moment which means our mortgage is going up instead of down. We have over 60 grand of other debts. We have payment plans in place with 2 creditors and this is all we can afford to pay out. The other 2 will be taking us to court over the larger debts which total about 45 grand. I think this about sums up our current situation. I'm out of work and my husband only works part time. We have a weekly income of 409 at the mo.
So now we look to the future. Apart from the fact that we're in a big hole at the moment and even if things stay as they are we would have to think seriously about what our future holds, there will be another spanner thrown in the works at some stage in the form of an inheritance. I am an only child and will at some stage be the sole benefactor of my mothers house. She is in her 70s at the moment and while i'm not wishing her away I have to wonder what can happen when the time comes? It will certainly still be within the term of the mortgage unless she hangs on til she's gone 100. I hope ye don't think i'm being too morbid, i'm being practical.
So I suppose my question is... what can our creditors do to us at that stage? Her house is currently worth about 280 grand. Can we be forced to sell it? Ideally I would love to have that house as a family home and rent this one.
I really need some advice. I'll try and keep this simple. My husband and I are in negative equity to the tune of at least 50 grand. We are not paying our full mortgage, in fact we are not paying the full interest payments at the moment which means our mortgage is going up instead of down. We have over 60 grand of other debts. We have payment plans in place with 2 creditors and this is all we can afford to pay out. The other 2 will be taking us to court over the larger debts which total about 45 grand. I think this about sums up our current situation. I'm out of work and my husband only works part time. We have a weekly income of 409 at the mo.
So now we look to the future. Apart from the fact that we're in a big hole at the moment and even if things stay as they are we would have to think seriously about what our future holds, there will be another spanner thrown in the works at some stage in the form of an inheritance. I am an only child and will at some stage be the sole benefactor of my mothers house. She is in her 70s at the moment and while i'm not wishing her away I have to wonder what can happen when the time comes? It will certainly still be within the term of the mortgage unless she hangs on til she's gone 100. I hope ye don't think i'm being too morbid, i'm being practical.
So I suppose my question is... what can our creditors do to us at that stage? Her house is currently worth about 280 grand. Can we be forced to sell it? Ideally I would love to have that house as a family home and rent this one.