carraigrua
Registered User
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- 5
Having run up substantial arrears on mortgages and after a few years of committing to interest only payments, it has been agreed between ourselves (husband and I) and bank that our current situation is unsustainable. I have had salary cuts and my husband has experienced periods of unemployment also.The bank has suggested putting our family home plus 2 of our 3 buy to lets that we own up for sale. There will probably be a residual debt of approximately 500k should we succeed in selling the properties at current market valuations. The bank proposes that we also move into our third buy to let with a new mortgage. However, the bank also proposes that we should agree to a 'voluntary judgement' on the residual debts that will arise from the 3 house sales. They have intimated that this judgement will probably not be registered nor will we likely have to ever agree to a payment schedule on these debts! This sounds too good to be true - however, are we, in accepting this 'deal', leaving ourselves very vulnerable to future bank policy change?? And what exactly is a 'voluntary judgement'? If we do take the route proposed, what happens should we inherit money from family in the future? Are existing judgements 'discovered' when a will is executed? I cannot find the answers to these questions online and we will have to make a decision really soon! Can anybody help please?