Thats what I thought, its so hard to know the best thing to do, I just dont want to make another stupid mistake that could cost me in the long run, like you said unfortunately no one can wave a magic wand, I need to make the right choice

Between mine and my partners parents we could raise the funds to pay the equity off and then pay them back over a period of time.

If the shortfall is large on the mortgage am I better to go bankrupt and buy the beneficial intrest in my own property which would only be about 15k, or am I better to look at an IVA and offer a full and final settlement. I mean out of bankruptcy and an IVA which one will allow me greater freedom in...

Thank you again for your help, I think voluntary repossession is the way seen as they wont speak to me in order that I can arrange selling it myself! dont really have any other choice. Also has anyone heard of Thomas Charles, I spoke to them and seem to have had some good advice regarding final sett...

Thank you David I appreciate it.

One thing I did think of was just handing the keys in and waiting to hear about the shortfall, and then cross the shortfall bridge as and when it occurs? that way I can see if an IVA or Debt Management plan are my best options or try to make a lump sum settlement.

Thanks for the details, I will get in contact with them also!

My mortgage lender for the problem property is DB Mortgages part of Deutsche Bank apparently.

Thank you I think I will call her, I again made calls to the mortgage lender to discuss if they would accept lower monthly payments or allow me to sell the property, and again I was told that the department that deals would not take my call, as I had not gone into arrears as yet! I dont understand w...

Just to let you know that our mortgage shortfall is included in our IVA and the amount still isn't known for certain..the IVA was worded in such a way as to estimate the shortfall with a provision for an actual figure to be incorporated once it was known. The bulk of our debt was the mortgage arrea...

Thanks for your advice, any recommendations on IP'S would be a great help.

I more than happy to provide details of our income and expenditure as a rough guide our household income is approx - £2100 per month and our total outogings inc food, mortgage household bills etc would amount to about £1500, again I can provide a breakdown if required. I dont really want to go bankr...

is it possible in bankruptcy for a relative to buy our intrest in the property? for instance if the equity was £15k could a relative buy that for around £10k to save the property being sold. Would I still need to make monthly payments under a bankruptcy. The reason I say this might be another option...

Its pretty much a buy to let that went wrong, plus the fact that I lost my job approximately 2 years ago and spent the last 2 years in and out of court trying to get it resolved. I just find it hard to deal with the fact that i could loose so much money, or end up spending hundreds of pounds a month...

Thanks for the responses. My only problem is that the lender dont seem intrested in negotiating with me, I have tried on several occassions to sort out selling the property myself and they dont seem willing, I just dont want to end up bankrupt and loosing my own property. Days like this you wish you...

Hi Yeah I own my own property mortgage is approx £108,000 value I would think is about £124,000. No idea yet on the shortfall, But i rang a local estate agent and he advised that we would be about 30k in negative equity (apparently local developers are getting rid of stock at very low prices) so I e...

Hi After years of always being able to pay my debts I find myself in a dilemma. I have a second house which the lender has refused to negotiate on the mortgage rates and payments have increased to £1300 per month which I can not afford, the propertry is also in negative equity. I have discussed with...