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Posted: **Mon May 04, 2009 10:07 pm**

i am currently 1100 in arrears on my mortgage and they was going to reposse my house but have ordeed me to pay 7 50 a month to them lots of money we are currently struggling to keep it and have gone on council wating list is it best to let them reposse it or try sell it first or sell at a lower value as there is no value in the house as we owe 111000 and value of house is 110000

Posted: **Mon May 04, 2009 10:10 pm**

if you sell at a lower value you will still be liable for any shortfall.

Posted: **Mon May 04, 2009 10:26 pm**

Always prioritise your debts. Forget about unsecured loans or credit cards,pay off mortgage and secured loans first,then utilities and council tax,then worry about what you havent got to pay the rest,protect your home at all costs.

Talk to an Insolvency firm(or 3) to see what they think you should do.

Posted: **Mon May 04, 2009 10:26 pm**

If you go into an IVA though, any shortfall can be included in that.

Have you looked around at private lettings as well?

Posted: **Mon May 04, 2009 10:29 pm**

Is this your only debt problem? Or do you have other debts as well which you are struggling to pay?

Posted: **Mon May 04, 2009 10:50 pm**

yes this is my only debt

Posted: **Mon May 04, 2009 10:51 pm**

If you can afford to stay in the property and live a reasonable lifestyle, then you might be better off staying put and hoping that the property market will improve in the future.

If you cannot afford the property, you might be better off trying to sell it rather than handing the keys back and ending up with a large debt for any mortgage shortfall.

Posted: **Mon May 04, 2009 10:57 pm**

thank you
what if we declared are sels bankrupt

Posted: **Mon May 04, 2009 11:11 pm**

Then any resultant shortfall from the sale of your property would be captured within the bankruptcy proceedings.

Posted: **Tue May 05, 2009 6:12 am**

What you need is professional advice. It appears that your only problem is the mortgage. Plasticraft is right. If you cannot afford the mortgage payments look into renting or council housing.

If the house is re-possessed you will be liable for the shortfall and it may be appropriate to seek a debt resolution solution.

You need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.

Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.

They will give you the appropriate advice and it is free.

Let us know how you get on.