If any of you have had success in communicating with a bank I would like your thoughts on our situation.
we are letting a house out which is in negative equity by about 80,000. We have decided we would try to sell the house as we are currently on interest only option and even with this the rent is not covering the mortage. And we are putting about 500 towards it each month.
We are willing to pay back what lefts on the mortage over the life of the mortgage but the bank have said it needs to be paid within 10years. There is no way we can afford to pay this. This would be the equivlent of paying the full mortgage every month.
We have our own mortgage for our home to pay aswell and that is in severe neg equity aswell so there is no way we can pay both.
Would really appriciate hearing if anyone came to an arrangement with the banks.
we are letting a house out which is in negative equity by about 80,000. We have decided we would try to sell the house as we are currently on interest only option and even with this the rent is not covering the mortage. And we are putting about 500 towards it each month.
We are willing to pay back what lefts on the mortage over the life of the mortgage but the bank have said it needs to be paid within 10years. There is no way we can afford to pay this. This would be the equivlent of paying the full mortgage every month.
We have our own mortgage for our home to pay aswell and that is in severe neg equity aswell so there is no way we can pay both.
Would really appriciate hearing if anyone came to an arrangement with the banks.