Sub prime lender query???

M

Mr peabody

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Hi,I'm new to this so apologies for any irrelevant info given. My wife and I took out a mortgage with a sub prime lender in 2007. The mortgage is approximately 350k and at a guess the house is now worth 150k. We are currently in the MARP programme but the lender is unwilling to ever make any sort of negotiation for anything other than a few months. Our monthly payments are approximately 2,100 and we have consistently payed 850/1000 for the past few years. Our net combined income is 43k. 15k arrears has built up again on the mortgage. It's the family home but if anyone has any advice on the best approach to take with the lender is love to hear it because this mortgage is obviously unsustainable in the long run. Thanks in advance.
 
A few points.

You know mortgage is unsustainable, so how best to extract yourself is your query.
...............................
1. If you can rent a comparable house locally for 850 per month ,think about moving.
2. If you can,t rent @850 per month ,stay put for now.

Talk with a PIP (personal insolvency practitioner) the PIP will outline your real options.

If it ends up that Mr SUB -PRIME gives you a poor deal , I suggest just do whatever to protect your family.
If that means they get NIL funds whilst they try to Repo ,it means you have a fund to pay future rent.
I know what I say is (unfairish) to Mr SUB PRIME , but on k43 per year they gave you k 350 !

At worst in your case ,agree to vacate/sell home and NOT be chased for shortfall of circa k200.
In no way do you want that k200 hanging over you.

I have the (notion) that your ongoing 850 to Mr Sub Prime is their best option @ the moment and that is the only reason they have not moved against you.
r
 
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