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repossession may happen

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hi all, basically ive been trying to sell my house as we live in a 2 bed with 4 children - 7 months to 6 years old, 2 boys 5yr & 6yr and 2 girls 7months and 3 yrs, so we need to move to a bigger house. i do work fulltime but iam struggling financially, i had our house on the market 4 £109,950 and my mortgage is at 106k which is in arrears of about 7k, i have had a couple of offers but nowhere near my mortgage amount, i dont really want to walk away from the house as i know i wud have to pay back the shortfall. the mortgage company have been good so far, and i am trying to pay back the arrears but it is affecting my family life. i know the easy answer is to stay put but it is affecting our kids and our relationship quite badly, ive tried going to the council for help but they cant help as i own my house, and i may have made myself intentionally homeless if the house is repossesed or if i walk way. ive looked in2 renting but the upfront costs is alot more than i expected, i cant get a loan as im nearly in negative equity and have a very bad credit rating. i have a loan secured on the house, 10k, which ironically isnt in arrears, so i suppose i am in negative equity.


wot i wud like to know is wot is our options now? i dont want the house to be repossed or declare myself bankrupt, which i think maybe our only option, and somehow come up with the money to start renting but i know that i wud still have more debt to pay aswell as the high monthly rental costs!


any advice wud b most appreciated

many thanx in advance

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Probably the best initial source for advice is Shelter. Shelter England - The housing and homelessness charity

They can offer sensible and practical advice to help you out of your present difficult situation.

Shelter will have good working relationships with the Housing Solutions team at your Local Council and the Housing Associations.


Good Luck

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Never Give Up! Never Surrender!

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Have you spoken to your mortgage company?

If you are realistically selling your property for its true value than they should let the sale complete.

If there is a shortfall, can you afford to pay them on an unsecured basis?

You do not mention in your post the reason for the repossession other than the arrears. Are you in work - can you afford to offer payments while the sale completes?

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