Mr peabody
Registered User
- Messages
- 33
Above proposed solution will not be accepted. Ie. Pepper will not agree to write down loan to the value of the property (would that it were not so but that will not be done). Gerry is right in that you are unlikely to be re-possessed in the short term if you continue paying 1k pm. However, all you are doing is effectively "renting" the property at the moment. This is not a long term solution and sooner or later Pepper will be forced to increase the pressure to reach a long term solution or to instigate re-possession.
My consistent advice in situations like this is to seek professional help from a good advisor. Jim Stafford on this forum seems to operate in this area. May be no harm to contact him or if you know someone in your locality who operates in this area. Do so sooner rather than later.
Thanks BrendanAbove proposed solution will not be accepted. Ie. Pepper will not agree to write down loan to the value of the property (would that it were not so but that will not be done). Gerry is right in that you are unlikely to be re-possessed in the short term if you continue paying 1k pm. However, all you are doing is effectively "renting" the property at the moment. This is not a long term solution and sooner or later Pepper will be forced to increase the pressure to reach a long term solution or to instigate re-possession.
My consistent advice in situations like this is to seek professional help from a good advisor. Jim Stafford on this forum seems to operate in this area. May be no harm to contact him or if you know someone in your locality who operates in this area. Do so sooner rather than later.
Thanks GerryYou got mortgage k350 on salary k40.= madness (by the lender).
You now have a shortfall k200 twix value and mortgage.
You say {utmost importance} to keep home on family land.
....................................................................................
Pepper are getting 1,000 per month ,so their interest costs are covered and the Risk of repossession is hence stalled.
Pepper will live with you paying 1,000 for long nuff, but that is NOT a solution.
.........................................................................
From what you say ,you can never ever own that home.(much as you want to keep it)
...........................................................................
Approach Pepper and ask to have mortgage reduced to k180 on the basis you can afford 1,000 per month and that house is not worth that, so it is the best/worse solution for you both.
......................................
I cannot see an easy solution here but maybe pepper will accept the k180 over circa 20 years.
From their view a forced sale gets them less.
If you go for (insolvency/bankruptcy ) you will get the k200 loss off your back .
I APPRECIATE you want to keep it but ??
Good luck.
.
Thanks Gerry for you inputs and on my previous non template post.You got mortgage k350 on salary k40.= madness (by the lender).
You now have a shortfall k200 twix value and mortgage.
You say {utmost importance} to keep home on family land.
....................................................................................
Pepper are getting 1,000 per month ,so their interest costs are covered and the Risk of repossession is hence stalled.
Pepper will live with you paying 1,000 for long nuff, but that is NOT a solution.
.........................................................................
From what you say ,you can never ever own that home.(much as you want to keep it)
...........................................................................
Approach Pepper and ask to have mortgage reduced to k180 on the basis you can afford 1,000 per month and that house is not worth that, so it is the best/worse solution for you both.
......................................
I cannot see an easy solution here but maybe pepper will accept the k180 over circa 20 years.
From their view a forced sale gets them less.
If you go for (insolvency/bankruptcy ) you will get the k200 loss off your back .
I APPRECIATE you want to keep it but ??
Good luck.
.
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