Brendan Burgess
Founder
- Messages
- 53,966
You should post this information.
Information required for mortgage arrears and negative equity questions
Here you say home isn’t in NE but also you say not by a lot, yet you’ve positive equity of 50k.Yes we bought our current home together but he bought the btl with a different lender around the same time. Can they force us to sell our home if the btl is in his name only with a different lender. Btl is in negative equity but home isn’t- not by a lot anyway. They are saying if it’s not repaid in 2 weeks they will appoint a receiver. Do they knock on your door. Do you go to court. Feeling v naive and lost. Where do people go for information
So PIP confirmed the worst scenario is a rent receiver and yet you are relieved. Did the PIP tell you how much this will add to your debt? Which will eventually come out of your husbands equity in your home.The adviser arrived and said we should try and keep the property. We sent an email offered to pay the arrears and basically they refused. He said the last thing we want is a receiver to be appointed but that if this happens and there is a shortfall it’s an unsecured debt and they can’t realistically do anything about it except hound us for years and take his proportion of any sale. We are to keep in touch with him with any developments. If this is all true I am very relieved
You two need to sit down immediately and do something, did both of you meet the pip?Yes that’s our current income. Really bad with money but that is just the past few months. It was just mine for a full year and 2k a month together with a mortgage payment and 2 kids is hard believe me. I agree with you about the options issues and I just want to get rid of it. Especially with his erratic income
Investment property - Delete if not applicable
Lender: oyster
Amount outstanding: 150k
Value of home: 130/140- one sold last year for 130
Interest rate: 4/5% not sure
Monthly repayment 838
Amount in arrears 4K
Monthly rent received 875
if this happens and there is a shortfall it’s an unsecured debt and they can’t realistically do anything about it except hound us for years and take his proportion of any sale.
BB I’m not sure what the vultures et al will do down the line. But I imagine in a few years when it’s worth their while they will start going after income and equity in family homes.
I would not like the risk hanging over me.
It’s unbelievable that you didn’t tell us everything the pip suggested. That might get the bank to hold off on the rent receiver and to allow time to sell it yourselves. Which is clearly your best option now instead of racking up more debt.I’ll try to get him to sell it himself. That pip went on about if they wouldn’t accept the payment of arrears that he should say he has moved into the property. I don’t agree with this at all. Will the shortfall be classed as an unsecured debt and if so how can they force sale or put a lien on family home
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?