We bought an apt in 2007 as an investment, the apt was 420 thousand and we had 100 thousand deposit and cross secured it with our family home. Since then our circumstances have changed aswell as the rental market and after stuggling to pay both mortgages for the last year we our now in arrears on the investment one since the beginning of the year. Our concern is that if we cannot resolve this with the bank ourselves, the courts would force the sale of the family home aswell as the apt to pay the mortgage, the family home has about 100k equity and the apt prob 150k neg equity. Has any one any advice or being in a similiar situation?
Thanks...