HI MY HUSBAND AND I HAVE A CHILD AND ONE ON THE WAY, I HAVE NOW GIVEN UP WORK, ALTHOUGH MY HUSBAND WORKS FULL TIME. THE HOUSE IS IN MY HUSBAND NAME BUT HE WAS THINKING ABOUT HANDING IT OVER FOR REPOSEESION AND MOVING INTO COUNCIL ACCOMMODATION DUE TO FINANCIAL PROBLEMS, BUT WE ARE NOT SURE THIS IS A GOOD IDEA OR HOW TO GO ABOUT IT OR WHETHER TO PUT IT UP FOR SALE? CAN YOU PLEASE HELP. THANK YOU

AMANDA VICKERS

-- AMANDA VICKERS (amandavv1@hotmail.com), June 27, 2001

Answers

What can I tell you - how about don't do it? You will not qualify for council accommodation anyway - if your home gets repossessed you will be classed as having made yourself "voluntarily homeless." Off to the very bottom of the list you go (if indeed they let you go on it at all) and you will stay there for a good long while. If you are having difficulties and really can't pay the mortgage, keep the Lender informed at all times (in writing) and consider selling the house asap. Keeping the Lender in the picture can only protect your position and they may be able to help anyway - perhaps with a payment plan, until you return to work. If you can't afford the house at all without your income, then quitting work for good is not an option really is it? I can tell you having been through the repo circus with (at the time) two very young kids, if you can work and keep your home I would do so over and above any other option. You may be able to sell whilst you are on Mat Leave anyway, and your SMP will tide you over. If you do sell, you will then be able to go into private rented for a while and legitimately go onto a housing list somewhere. Best of luck.

-- Too scared to say (iwasduped@yahoo.com), June 27, 2001.

I agree you should never go into repossession if you can possibly avoid it. You definately will not get council accomodation - and nobody gives you any pity whatsoever. They basically see it as your problem, and your fault.

Consider selling at once.

Keep your lender informed at all times.

Keep copies of all correspondence between you and the lender.

Try to keep it all in writing.

Consider renting your property out to cover the mortgage until you are able to sell the property.

Consider everything but please don't see repossession as an easy option. It's definately the last thing you want to do. It's a nightmare.

-- (_Believer14@excite.co.uk), June 28, 2001.