Mortgage problems advice needed?

I live in a 4 bedroom house with a maortage of 拢180,000 my monthly repayments are 拢900 which I am finding very hard to make as my business is very slow at the moment.We have been sent an order from the cort telling us if we do not keep up pyments a reposetion order will be made also the house is now only worth 拢179,000 so we cant get a new mortgage we will have to stay with the one we have got which comes out of its fixed rate in May. Me and my wife think we have to options.


Option one, Move to rented accomidation and just leve the house to be repasested.


Option two, Take my name of the mortage so when it repasesed only my wife will be black listed.


Option three, Stay untill the end and both be black listed.


ANY HELPFULL ADVISE WELCOMEMortgage problems advice needed?
Another consideration is where you can cut other payments so you could keep up the 拢900 per month. If you have credit cards or personal loans taken out before 1 April 2007 it may be possible to wipe these out altogether. Get help at this website.Mortgage problems advice needed?
You can either: sell and move to a cheaper house (or stay with family)





or





Rent a flat (much cheaper) and rent your house out for 拢895 per month (if you rent for more than your mortgage you have to pay tax!)





If you rent a place for 拢400 a month - you'll save 拢500 and help get yourself back on track! If you sign the house for rent for 6 months then you've got 6 months to sort yourself out.





Good Luck!!
Go to the Citizen Advice Bureau to seek help please dont leave it other wise you will be repossessed. If you are already paying that extortionate rate on a fixed term you probably will not be able to afford a variable. Overall it depends how much you want to keep the house and it sounds as both of you are not paticularly worried but this will impact on your business if you are made bankrupt so please becarful with your choices....best to take advice
Option 2 is a no-go if you are repossessed BOTH of you as married couple get blacklisted..





try option 1 if and IF you can sell as although it may be worth 179k to sell you might have to actually drop over 20k lower (we had to).





try and get remortgaged or transfer to interest only option until things settle down
You have a 4 bedroom, but didn't mention kids. Can you rent out a spare bedroom(s), or den, ie, to local college kid(s)? Make up a separate basement setup and rent it out? Sure, we all want to have our own space all to ourselves, but wouldn't it be better than losing the place???





Good Luck!! :)
Whoa. I'm sorry that you are going through this. It's happening to so many people these days, but it still hurts and it's still awful to hear.





I think that if you look at it, you might find that your credit is tied to your wife to the extent that if you let the house go back to the bank, you will both be smudged by it.





A few ideas...and only you can decide if they are worthy of consideration.





1) Have you considered going in, and talking to the bank about this? Times are tough, and the banks really don't want to have a big list of foreclosed properties on their hands. You might be able to negotiate your way to a reduced payment and possibly a reduced interest rate, if you approach them.





2) What is the layout of your home like? Is there a basement? Possibly a finished basement with an outside entrance, or a private entrance that is separate from the rest of the living quarters? Not the best option in the world, but if you're handy, you can do a quick renovation and turn the basement into an apartment. (You will need ample electric service for a stove, plumbing for kitchen and bath, and drywall and paint to finish. With help from friends you could accomplish this fairly cheaply.) It may or may not be legal according to the definitions of your municipality and their zoning for your area, but, if it could be done and rented out in a hurry, you could use that income to cover at least half of your monthly payment. Including heat and electricity in the rent is a must with this plan, because you don't need the utility company ratting you out to the city for having what might be, an illegal apartment in your home.





Take Care.








P.S. Another thought....for what it's worth. You could always let the place go, and have a family member or close friend bid forcefully at auction when the house comes up. If they manage buy it - possibly for less than the bank asks, you could eventually get the place back in your own name, using your family or friends as a cover for the time being. Pay them the mortgage, and have them make the payment. You would have to have total trust in them however...and they would have to place the same in you.