Hi Folks
Basically, I am facing redundancy from my current job. I am recruitable and I am in the process of a number of interviews so I am not overly concerned.
In saying that, I am worried in the long term that things might not go my way and I might not get a job.
I am looking at a decent package from work which should sustain me for over a year if need be.
My parents however stood as Guarantor for me when I was buying my house a few years ago. They are now both retired and on a modest Pension.
I don't want them to have to ever give a cent toward my mortgage and will do my damm best to make sure it never happens however they are concerned.
My understanding of this situation is that if I refuse point blank to make any further payments and give a two finger salute to the bank that they then come looking to my folks for the remainder. Do I still have the same rights as everybody else in so far as being allowed potentially restructure the loan and so forth to give me a bit of breathing room if I so require? Will my parents be the last call for the bank in recovery of any potential missed payments or will it immediately default to them?