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avoiding arrears

  • hur
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19 May 12 #331564 by hur
Topic started by hur
should I inform my mortgage company that after next month we will struggle to pay mortgage ?

will they be sympathetic - I am just putting house on market

we have about 40% equity in £460k home

note my use of we & I
my husband informed me yesterday he will not be paid anymore after May ( 5 years paid sick reason given depression)
he also told me we have no savings (so what happened to that £38,000 we had at the end of Feb 2012) and I must deal with it

I am ashamed to say I have let him control me for years just to keep the peace.
Sharing family home with 2 children 10,12

I can go into further details... but, can anyone give me any information on how mortgage company might respond

  • raybird
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19 May 12 #331579 by raybird
Reply from raybird
so long as you keep them informed, they seem to be ok, i have to phone mine twice a month to let them no the situation xxxxxxxxxxxx

  • MrsMathsisfun
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19 May 12 #331580 by MrsMathsisfun
Reply from MrsMathsisfun
Would you be able to afford some payment?

Could you change to an interest only mortgage until the house is sold?

I would definitely get in contact with mortgage company and discus options.

  • perin123
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19 May 12 #331585 by perin123
Reply from perin123
My mortgage company were no help at all, they just want their money.

I was told that only after a payment has not been made for 2 months do they consider it a default. If you pay say half the payment one month and half the payment the following month then in the third month it will be seen as a default as you are then behind with the payments. Am I making sense??

If you do this your credit rating will then be affected as a note is put on your credit file, same goes for anyone else named on the mortgage. This apparently happens also if you agree to a change in your monthly payment with them.

My ex did the same, stopped paying his half of mortgage last year so I am now struggling to pay until finances sorted as I don''t want him dragging me down with him...

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