Melbourne mortgages reposession over £1200

[seduraed]

this is partly a crie de cour and partly a moan . I have a small second mortgage with melbourne mortgages for around £15000 (Property value 260 000, equity 150, 000) but have no money to pay currently . We havenot paid them since june as we have been let down by tenants over rent and repaying a wonga loan . I dont want them to get a repossession order, as they are are likely to get aggressive and go for a reposession again if we miss a payment again inthe future. I cant ask my family for money as i recently borrowed over £3000 to pay the arrears on the main mortgage.
I want to know what to do next seliing up seem a bit desparate and a broom cupboard in this area (Cambridge) goes for 100k .

ANy bright Ideas gratefully recieved. Our credit rating is a mess so it's unlikely we can borrow form anyone .

Thanks

[seduraed]

Re: Melbourne mortgages reposession over £1200

bump

[Sapphire]

Re: Melbourne mortgages reposession over £1200

Hiya

I take it you've spoken to them and told them whats been going on with the tenant etc

[seduraed]

Re: Melbourne mortgages reposession over £1200

yesbut they're not interested they only want the money

[TUTTSI]

Re: Melbourne mortgages reposession over £1200

We have a 2nd Mortgage with Melbourne Mortgages, we have found that if you call them and ask for time to pay they have generally been ok with us and we have done so many times over the years due to ill health and other financial circumstances. You should try discussing your situation with them. Are you paying your 1st Mortgage and are you in arrears there as well? Are you not able to offer a smaller payment in the interim whilst you are awaiting for money from your tenants? What is the prospect of getting the rent from the tenants now and in the future? have you thought about giving them a charge on your property to save repossession?

this is partly a crie de cour and partly a moan . I have a small second mortgage with melbourne mortgages for around £15000 (Property value 260 000, equity 150, 000) but have no money to pay currently . We havenot paid them since june as we have been let down by tenants over rent and repaying a wonga loan . I dont want them to get a repossession order, as they are are likely to get aggressive and go for a reposession again if we miss a payment again inthe future. I cant ask my family for money as i recently borrowed over £3000 to pay the arrears on the main mortgage.
I want to know what to do next seliing up seem a bit desparate and a broom cupboard in this area (Cambridge) goes for 100k .

ANy bright Ideas gratefully recieved. Our credit rating is a mess so it's unlikely we can borrow form anyone .

Thanks

[seduraed]

Re: Melbourne mortgages reposession over £1200

We got sammeed over £3000 in rents and total costs came to near.ly 4000 .We're 1 payment late with the main mortgage. at the moment but it may go to two if we rob peter to pay paul .