remortgage to save some money or give up the house

[h.j]

no we are struggling with loan and unable to remortgage

[h.j]

i need some way of reduing the securedloan payments but i owe more than the house is worth dont know which way to turn husband wants to move on but i feel torn but i know he cant keep working long enough to pay them off

[MelanieGiles]

I think you need to leave this property behind you and find somewhere to rent which you can comfortably afford. As you have negative equity, your property is really owned by the banks and there is no point in struggling and being miserable in the false thought that you are property owners.

I recognise that this is a difficult decision for you, but it will probably be better in the long run.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[h.j]

how do you think i should start this process as i have been offered a rented house fron next week but the bank wont cancel the direct debit for the mortgage to get behind with payments.also out of matter of interest what do youthink about the idea trying to carry on untill there is a bit of equity then selling to one of thoose companys that let you rent it back

[MelanieGiles]

I have no experience of sale and leaseback with regard to domestic housing - perhaps Mike could help with this query.

If you have negative equity, then you can just hand the keys over to your mortgage lender and allow them to sell the property. There will be a claim against you for any mortgage shortfall.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

To be honest, the only help and advice I could give with one of these buy and rent back companies is DON'T.

I have not to date heard of a good company and because the sale is generally a private one - the house is purchased without a mortgage, and the normal required advice is not given.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[h.j]

if there is a shortfall would they let you make monthly payments.if i really couldn,t leave the house how many years do you think it would be before i could remortgage to try a sort this out ,i am really upset about having to give up

[mikebdomain]

Hi h.j

You originally spoke of your valuation coming back as £75,000. Was this a proper valuation or was it an estimate given by an estate agent?

Check your postcode on the site http://www.rightmove.co.uk/action/SoldPricesAction and look for houses sold recently, that are close to you to confirm the valuation.

How sure are you of the balances on your mortgage and your secured loan?
Ring a mortgage broker and go through a fact find with them, they will carry out a credit search and confirm your current secured balances. They will also be able to advise you of your current financial situation regarding miss payments and your credit status. I wouldn’t worry too much about the transfer, it’s not that complicated.

If you are in negative equity, the chances of selling to a buy and rent back company are pretty slim, in the main, they like to see a minimum, immediate, 10% profit in equity. I have heard of some of these companies buying houses with no equity, then as soon as there is, they increase the rent and force you out – you only have to spend 5 minutes looking around google and you will find lots of horror stories regarding these types of transactions.

There is plenty of ‘free’ advice out there where you can either spend time on the telephone or sit and talk to a professional advisor, who will be able to advise you better after having ALL the facts. At your stage, I think you need to talk to the OR urgently and ask their advice.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[h.j]

can you suggest someone who is free to speak to. i know the valution is right because i paid for it and got my balances from statements i ask for the or do you think i have any chance or righting this.thanks for your help

[mikebdomain]

I am not allowed to 'tout' for business on this forum, but ALL mortgage advice is free - there are two mortgage brokers who regularly post on this forum, welshboy (tony) and myself (mike) although I personally do not give mortgage advice I have a number of authorised, qualified advisors that do, as does (I believe) welshboy.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[h.j]

just to add can anyone tell me after you are discharged can the or .alter your income payment to pay more if you start earning more and how do you know if you have been discharged

[jim_h]

just to let you know i am now living in ny house ok sold it to a local company got 136000 pounds for it this paid all my loans secured and mortage tried six diffent ones house was worth 143000 ok my seem like i made a loss but tried many times to remortage not enough equity no estate agents fees only 650 for selling i belive i was lucky as all the ones i contacted apart would only pay 80% loan to value i got 95% but would of like to kept house but only option open to me was to sell and rent back

[h.j]

is everything ok renting it back, heard a few bad stories

[Adam Davies]

Hi Jim
You did well getting 95% of the value of your house.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Could you let us know how much you are now paying in rent and how much your previous mortgage payments were? I would also be interested to know the name of the company who bought your property.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp