Need help on shared ownership property/bankrupcy?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

I became disabled six years ago and am so much in debt with credit cards,secured loans and unsecured loans and bank overdraft.I have made an appointment to see the c.a.b next week.My wife and i just cant keep up with the upkeep of our property.If something goes wrong we just cant fix it and get very depressed.We have asked our housing association for help but they wont.They say they only deal with the rent.We have nine years left on our mortgage which was an endowment which i had to cancel as i couldnt afford.So we are never going to own our house and are considering bankrupcy?What would happen with the housing association and the other secured loans on our property?And what would happen to any equity from the sale of the house?

Need help on shared ownership property/bankrupcy?

OK first off have you called your bank that originated the mortgage note? - If not then call them - they can and quite probably will want to sit down with you and work out a way for you to refinance the amount u still owe and your outstanding debt into a new note that you can afford to pay - it'll be a new 15 or 30 year note but they can and do do this type of deal every day! You just need to be honest with them. They don't want to foreclose on you - no really they don't. They scare you in order to motivate you to pay - they are in business and that's just how they have always done business.

OK if after you try that they won't help go to every other financial institution in your area! Keep at it and explain to all of them your situation. Every friggin detail - call ahead and make an appointment though, OK?

FirstPrevious12 Next End

Need help on shared ownership property/bankrupcy?

Topic