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Advice needed on reposession


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Hi All , I need some advise for a friend / his Parents in trouble. Basically he borrowed alot of money from his parents ( both now retired ) and they re-mortgaged their property to help him out. Its got to the state where he can no longer afford the mortgage payments which he pays his parents.

 

They haven't been able to pay the mortgage for 6 months now. The mortgage company has been very understanding but understandably they cant carry on.

 

The home will no doubt be repossessed soon.

 

There is virtually no money in the property as the mortgage is nearly the value of it.

 

Where does his parents stand on obtaining a council property or any sort of home as I guess they will be classed as homeless ?? They are aged 60 and 65. They are fully aware they should never have lent him the money now but whats done is done.

 

Any advise at all I can give would be very helpful to them.

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Hi All , I need some advise for a friend / his Parents in trouble. Basically he borrowed alot of money from his parents ( both now retired ) and they re-mortgaged their property to help him out. Its got to the state where he can no longer afford the mortgage payments which he pays his parents.

 

They haven't been able to pay the mortgage for 6 months now. The mortgage company has been very understanding but understandably they cant carry on.

 

The home will no doubt be repossessed soon.

 

There is virtually no money in the property as the mortgage is nearly the value of it.

 

Where does his parents stand on obtaining a council property or any sort of home as I guess they will be classed as homeless ?? They are aged 60 and 65. They are fully aware they should never have lent him the money now but whats done is done.

 

Any advise at all I can give would be very helpful to them.

 

 

Hi

 

Some useful info regarding council re-housing, eligible for help, intentional homeless rules etc

 

Shelter England - Intentional homelessness

 

And on the Mortgage Rescue Scheme (MRS) -

 

Shelter England - Government mortgage rescue scheme

 

The above links relate to England

Edited by Wintry
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