Press
Yahoo Expert Answers – Small Business / Mortgage Arrears – 25th Nov 2009
Advice on failing mortgage payments/ what options do i really have?
I live in the UK I have a 3year fixed rate mortgage which doesn't end until sept 2011. I will be finishing my current job (i was on a temporary contract) in a few days and realise i am not going to be able to afford my bills and mortgage etc and i have not found another job yet. I would like some advice on what to do, i have no savings, i know my house value has decreased by around 10k so selling it doesn't seem to be an option + all the estate agent fees that i would en cur would make it worse. Are there any such thing as being able to give the property back to the lender to sell, i have heard of an agreement of handing the keys back? Are there companies that can take over my property? or companies that will rent out my house for me, without me being too or at all involved? what would happen if i was evicted or the house was re possessed or if i went bankrupt? i am only 20yrs old and i no longer wish to own my own home so i am not fighting to keep it, i am happy to not keep the house but do not wish this to have too much debt etc, i do understand that this will not be painless and i am under no illusions i just want to know what my options are? any advice is much appreciated.
Best Answer
Chosen by Asker
Unlike in the USA you cannot just walk away and give your keys back to the lender. There is also a moral issue at play here. You should actively engage with your lender about your situation as they are under a lot of pressure at moment from Government to ‘Treat Customers Fairly’ and you may also be eligible for one of the Government support schemes. You should consult the DWP and Citizens Advice Bureau. The sale and rent back market is being closely scrutinized at the moment and you need specialist advice on that. You would have to be actively involved in that process. Check the FSA’s website here for a step by step guide to prioritizing your issues. I wish you all the best in your new job search. www ... Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to www ...
Source(s)
James Carter, Independent Financial Adviser, Independent James James has 11 years experience working in the Independent Financial Advice arena. Mortgage & Protection advice have always been his main business areas and James’ vision for customer service entails a one to one service combined with comprehensive administrative support. James also holds the Advanced CeMAP qualification. James is a frequent provider of media and industry comment, including BBC’s Working Lunch, FT Adviser, Money Marketing, Mortgage Strategy and Mortgage Introducer magazines.
by Unbiased Find a Mortgage Adviser
Asker's Rating: 
