Mortgage Unsustainable/ Bad Health

joxerb

Hi all. Here goes....

I got sick a while back, got bad news healthwise. Things got messy, bills went unpaid. Mortgage went into arrears.

My house was rented out and i was living with my girlfriend in her house. Had to give up work. My gf/now wife is caring for me.

I approached bank who were very unhelpful, I could do without the stress so i ignored for a while. Recently i contacted the bank and asked if they'd take the house and sell it as a settlement... they said no.

Any advice.

I dont have a whole lot of time left but i'd like to iron it out for peace of mind.

JamBur

You joined in 3008. Your 6 posts all occurred in the last hour. The 5 others are so short they barely qualify as sentences. Something doesn't ring true here.

Mrs OBumble

Doesn't your mortgage protection insirance cover this?

jimmycrackcorm

Have you approached MABs? On a very tenuous reading of your situation, i.e. bad health, no job, possibly long-term unsustainable mortgage, but not being made homeless because your wife has a home, then perhaps personal insolvency might be an option to consider.

Again, just a tenuous interpretation of your situation...

joxerb

JamBur wrote: »

You joined in 3008. Your 6 posts all occurred in the last hour. The 5 others are so short they barely qualify as sentences. Something doesn't ring true here.

Hi yes i joined but did not use this. I read on this something about needing 5 posts before I could ask a question.

Which part of it is difficult to understand?

Wesser

I dont know anything about that but just wanted to say to hear you are so sick.
Hoping you get well soon.

JamBur

joxerb wrote: »

Hi yes i joined but did not use this. I read on this something about needing 5 posts before I could ask a question.

Which part of it is difficult to understand?

Apologies if I misinterpreted the situation. There's a lot of bots and fake accounts about recently.

joxerb

Mrs OBumble wrote: »

Doesn't your mortgage protection insirance cover this?

Hi it lapsed so i'm not covered.

joxerb

Wesser wrote: »

I dont know anything about that but just wanted to say to hear you are so sick.
Hoping you get well soon.

Thank you for the reply but i'm afraid my news was terminal.

joxerb

jimmycrackcorm wrote: »

Have you approached MABs? On a very tenuous reading of your situation, i.e. bad health, no job, possibly long-term unsustainable mortgage, but not being made homeless because your wife has a home, then perhaps personal insolvency might be an option to consider.

Again, just a tenuous interpretation of your situation...

Hi the way i was looking at it was the bank would take it or i'd be dead, blunt but true.

joxerb

JamBur wrote: »

Apologies if I misinterpreted the situation. There's a lot of bots and fake accounts about recently.

No worries, i can assure you everything i said is the truth.

joxerb

Would anyone know the steps the bank take when taking back a house? I'd prefer it to be as stress free as possible but i have worries.

Graham

Selling the house would probably be a less stressful solution.

Toots

I don't know if they'd take it back, but have you thought about having the house valued and then see what it's worth in relation to what your outstanding mortgage balance is?

joxerb

Graham wrote: »

Selling the house would probably be a less stressful solution.

Thanks for the reply, the bank told me i'm liable for the remaining debt.

joxerb

Toots wrote: »

I don't know if they'd take it back, but have you thought about having the house valued and then see what it's worth in relation to what your outstanding mortgage balance is?

I owe 225k, its worth 105k/110k

Graham

joxerb wrote: »

Thanks for the reply, the bank told me i'm liable for the remaining debt.

That’s likely to be the outcome in your handing it back scenario too.

pwurple

Have you life assurance? Most banks make you take that out too.

What happened the rental income? Is it occupied now?

joxerb

Graham wrote: »

That’s likely to be the outcome in your handing it back scenario too.

I know, i was hoping for them to agree with something. I was put on an invalid pension. I've even had to hold onto last few months rent to adjust things for me in my wifes house.

joxerb

pwurple wrote: »

Have you life assurance? Most banks make you take that out too.

What happened the rental income? Is it occupied now?

Hi everything lapsed. There is a tenant there. Is it easier if i ask them to leave?

Alkers

Is the mortgage only in your name?

Bananaleaf

Does the house go to your wife in the event of your death? If that is the current situation and, let's say you didn't rewrite your will to change that, would that mean that the bank could chase her for the debt?

Edit - I am very sorry to hear that you have received a terminal diagnosis. I will be thinking of you tonight, for what it's worth. (Very little, I know)

Graham

Go and talk to MABS, you need professional advice.

joxerb

Simona1986 wrote: »

Is the mortgage only in your name?

Yes i bought it before i met her. She has a house but this is in her own name and with a different bank.

joxerb

Bananaleaf wrote: »

Does the house go to your wife in the event of your death? If that is the current situation and, let's say you didn't rewrite your will to change that, would that mean that the bank could chase her for the debt?

Edit - I am very sorry to hear that you have received a terminal diagnosis. I will be thinking of you tonight, for what it's worth. (Very little, I know)

Thank you. I dont have a will. I wouldnt have much to leave as i'm in my 30s.

Bananaleaf

joxerb wrote: »

Thank you. I dont have a will. I wouldnt have much to leave as i'm in my 30s.

Are the bank aware of your health situation?

Please waste no time worrying about this. I will be lambasted for this I'm sure, but there is more to life than this. You have little time left and you need to make the most of that. The money you owe is a lot, but it is nothing compared to the thousands that are p!ssed away by our governments and, lest we forget, our bankers too. I know that ordinarily this is horrific advice and it will make a lot of people mad, but this scenario is something that almost became a reality for someone close to me not that long ago, and I can tell anyone reading this that you would agree with me if you watched a loved one go through this dilemma. Make your last moments count. Make sure the house won't go to your wife.

Sending you a hug.

Alkers

joxerb wrote:

Yes i bought it before i met her.

If so, it is my understanding that they can't come after her at all for any amount that your house is in negative equity by in the event of your death. I guess that they could try and come after your estate so you should look to address this if possible. But basically, it's their loss.

Personally, given your position I wouldn't be expending much effort to explain the situation to them, they're not in any bargaining position and they certainly haven't proved themselves with any sort of compassion when you read some of the repossession stories out there.

My sincerest sympathies to you at what must be a very difficult time, try to make the most of the time you do have left and let the banks look after themselves.

joxerb

Bananaleaf wrote: »

Are the bank aware of your health situation?

Please waste no time worrying about this. I will be lambasted for this I'm sure, but there is more to life than this. You have little time left and you need to make the most of that. The money you owe is a lot, but it is nothing compared to the thousands that are p!ssed away by our governments and, lest we forget, our bankers too. Make your last moments count. Make sure the house won't go to your wife.

Sending you a hug.

They do know, i've sent medical documents. I was hoping they'd take it and sell it or let me sell it as a kind of final settlement. Its a bit of a stalemate because they just say they want the outstanding balance.

I dont really care about the bank tbh anymore.

joxerb

Simona1986 wrote: »

If so, it is my understanding that they can't come after her at all for any amount that your house is in negative equity by in the event of your death. I guess that they could try and come after your estate so you should look to address this if possible. But basically, it's their loss.

Personally, given your position I wouldn't be expending much effort to explain the situation to them, they're not in any bargaining position and they certainly haven't proved themselves with any sort of compassion when you read some of the repossession stories out there.

My sincerest sympathies to you at what must be a very difficult time, try to make the most of the time you do have left and let the banks look after themselves.

Thanks for the reply. Do you think they could approach my wife's house or send a sheriff/baliff?

I only really have my car.

Graham

Mod Note for the sake of yourself and you wife you need to seek professional advice.

Wishing you all the best OP.

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