Comments on: Advice on failing mortgage payments/ what options do i really have?

By: Cala

Cala — Tue, 13 Jul 2010 08:43:20 +0000

Handing the keys back is a bad idea – the lender then needs to sell the property at enough to cover your loan. If they can’t get enough for the property then you will be hit with the bill for the difference. Handing the keys back does not absolve you of any liability.
Speak to your lender and ask their advice – they may let you go onto interest only repayments for a year or so.
Repossession affects your credit rating for years to come and bankruptcy should be the very last resort.

By: Johnka

Johnka — Tue, 13 Jul 2010 08:43:20 +0000

First thing to do is speak to your mortgage lender and honestly ask for help.

You don’t say which country you are in. If it’s the UK speak to Citizen Advice first and they will help.

http://www.citizensadvice.org.uk/

By: michael r

michael r — Tue, 13 Jul 2010 08:43:20 +0000

Well, i know how you feel. At such an early age I know you would want to have your very own home but without dealing or thinking about having so much debt.. I suggest you check out moneyhighstreet. They give out loans and there is a great chance that they will be the one to transact with the mortgage at low interest rates.. I hope this helps. Thanks and good luck.