please can anyone help me,my dad died a couple of years ago leaving my mum with a large debt,i thought it would be easy for me to pay this all off by getting a mortgage in my name for her. this was ok un til last year i when my mum lost her job and could no longer help me pay,i then got a secured loan to pay off all the arrears but no that had got worst as i have only a part time job and they both want to sell the house. plase will some one tell me ,how to stop this. i have tryed everywhere but i can not get help. thanks for reading this.

-- alison smith (alley@00behave99.freeserve.co.uk), January 06, 2001

Answers

Have you talked this through with the lender? If so, what was the outcome? Perhaps you could give us the lender's name? (Some have better rescue schemes than others.)

I suppose I would say that it is important for you to try to retain some kind of control of the situation, even though it must seem as if it's all spiralling away from you sometimes. If the worst comes to worst and you have to sell, then - as you will see if you read the experiences of others on this site - it will be important that you try to get the best market value for the property. If you are repossessed or hand in the keys, you run the risk of a lender undervaluing and underselling the property, and going after you for any shortfall thus created. Is this what you are afraid of? Is there positive or negative equity in the property, I wonder? Or is it mainly an arrears-based worry? I'm not quite clear about this from your post.

If the worry is, what happens after repossession? then I would say, watch the lender every step of the way, and log any mistakes they make with regard to valuing, marketing and selling the property (and notifying you). And read this site from top to toe.

All best.

-- Eleanor Scott (eleanor.scott@btinternet.com), January 06, 2001.