Mortgage arrears on Home and partners BLT

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Peabody

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hi all

This is our current situation

home mortgage 197k, Arrears 12k, monthly repayments 1.3k, currently not being paid.
Partners buy to let property mortgage 149k, arrears 7k, monthly repayments 880, rental income 400 per month. this property is post Marp and I'm trying to get in touch with them - what I'm going to say I do not know, advise please.

The buy to let is with UB and home is with KBC. He has been offered a job and the pay is quite good but its a question of when it starts and that is impossible to find out, he could get a call tomorrow.

I'm wondering if UB repossess the BTL can anything happen to the Home. As you can see I'm in the dark with this one. Our business closed last month and I have 3 kids. sick with worry. UB are due to call today.
 
Peabody is the family home jointly owned? What is it's value and also the value of the let property.

Don't be worried, you'll always have somewhere to live. It is better to deal with this mess now rather than letting it dominate your lives.

To answer your question yes the buy to let mortgage company can put a judgement mortgage on the jointly owned home, but it doesn't mean they will. Also if there is equity it will not affect your share.
 
Yes the family home is jointly owned. I think with all the debts we have it may be time to go down the bankruptcy route.
I dont know anybody who has done this, I'm sure it wont be easy but I'm lost now I do not know what to do.
I've been in touch with New Beginnings and they are sending me out some leaflet.
Why can we not sit face to face with a person from the bank and discuss mortgage payment difficulties. phone calls will not do.
 
A Case for bankruptcy?

Income Self- Childrens Allowance 280
Income history- Made redundant in Dec 2010 and then started an unsuccessful business which closed up a few months ago.
 
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