Hi,
I am in a situation where my house could be repossessed (possibly this coming Monday) and could do with some advice.
I have a mortgage with the Abby and currently paying interest only for the next year and half and also a secured loan with Swift.
The swift loan was taken out when my mother was working (she was recently forced to retire) and my brother was also bringing income into the household (he now is married and no longer lives with us), this now leaves just me bring in a income and my mother who only received her pension credit.
We owe about £66k on the Abby mortgage and with the massive interest on the swift loan about £36k, our house has been up for sale for 3 years with hardly any interest in buying and we have lowered the price of the house as low as it can go to enable us to pay both parties off so I would then be free to rent a place of my own and my mother could possibly get a house through the housing association as she is 67 years old.
At the moment it looks like I will be tied into this house and these loans for the rest of my days and cannot see a way out.
I have had meetings with solicitors and the citizens advice but all that has been advised is how to proceed with court to enable me to keep the house, this will not help in the long run as I am currently paying everything in this property and once the interest only mortgage is placed back up to £560.00 per month on top of swift £360 per month along with other bills I will be left with nothing.
My question is if the house is repossessed, what happens to the debt on this property?
Do they sell it on for a knock down price?
Who has the rights to the money, The abby or Swift?
What happens to the balance on these accounts if they only sell the property for a low percentage of the total balance on these accounts?
Would it be better to have the house taken off me to enable me to rent somewhere else?
If the remainder of the debt is still liable to be paid by me how it would be paid back? and if it is unsecured would it be best if I then went bankrupt?
Sorry for all the questions as I am just trying to find a way out and move forward with my life but cannot get any clear advice as I am not jobless or claiming benefits so there for no legal aid L
Thanks
Col
I am in a situation where my house could be repossessed (possibly this coming Monday) and could do with some advice.
I have a mortgage with the Abby and currently paying interest only for the next year and half and also a secured loan with Swift.
The swift loan was taken out when my mother was working (she was recently forced to retire) and my brother was also bringing income into the household (he now is married and no longer lives with us), this now leaves just me bring in a income and my mother who only received her pension credit.
We owe about £66k on the Abby mortgage and with the massive interest on the swift loan about £36k, our house has been up for sale for 3 years with hardly any interest in buying and we have lowered the price of the house as low as it can go to enable us to pay both parties off so I would then be free to rent a place of my own and my mother could possibly get a house through the housing association as she is 67 years old.
At the moment it looks like I will be tied into this house and these loans for the rest of my days and cannot see a way out.
I have had meetings with solicitors and the citizens advice but all that has been advised is how to proceed with court to enable me to keep the house, this will not help in the long run as I am currently paying everything in this property and once the interest only mortgage is placed back up to £560.00 per month on top of swift £360 per month along with other bills I will be left with nothing.
My question is if the house is repossessed, what happens to the debt on this property?
Do they sell it on for a knock down price?
Who has the rights to the money, The abby or Swift?
What happens to the balance on these accounts if they only sell the property for a low percentage of the total balance on these accounts?
Would it be better to have the house taken off me to enable me to rent somewhere else?
If the remainder of the debt is still liable to be paid by me how it would be paid back? and if it is unsecured would it be best if I then went bankrupt?
Sorry for all the questions as I am just trying to find a way out and move forward with my life but cannot get any clear advice as I am not jobless or claiming benefits so there for no legal aid L
Thanks
Col
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