what can I do? no one can advise us

[slow but sure]

I am in a difficult situation, we had a IVA and completed on this earlier by releasing money from the house, approx £60k we completed the IVA 8 months ago.

With the current fininacial situation the house has fallen in price and I now owe more than what the house is worth, we owe 282 + 16k for early redemtion the house value is 270. The mortgage papyments are £1700 and I am told when my fixed rate comes off I will be paying 2200, lots of money! - I have 8 months left on this.

I have put the house on th emarket in hope of getting 300k, but there is no chnace, I have spoken with the mortgage company and they tell em taht they can not help, they say the only way that I can speka with the underwriter is when I get court papers.

I dont want this, I am paying the mortgage, its ahrd, I dont have a life, the kids suffer, what can I do? no one can advise us, I feel like giving the keys in and waiting to see what happens, we know that ina few months we will not be able to live here anymore and we all know and very good about renting, but I dont want a 40 or 50k debt? this is a real difficult situation as I have just been told that we have to pay the 8K for the eastate agents and the solictors, its all money that I dont have, any help will be very much appreciated. Thanks for the time

[moretolife]

hello slow but sure....it sounds as if you are going through a tough time at the moment....i wish i had some answers for you...but dont know enough re house prices and stuff

stick in here...some one will be sure to help you out with some good advice

take care....

[plasticdaft]

Would it be possible to move out of your house and rent it out while renting a smaller place yourself?? May give you time for the markets to find their feet again. If you rented your out would it bring in enough to cover the mortgage??

[MelanieGiles]

This is where you have to evaluate whether owning your own house is worth it - or whether renting a cheaper property would provide you with a better standard of living. Be aware that any shortfall from the eventual sale of your property would have to be paid off.