Posted on: 26th Nov, 2008 06:00 pm
I am self employed home owner with a mortgage,I also have a buy to let property, befor I then moved home and had put the other one on the market. then things got bad for sales. I am not making enough to pay my mortgage, let alon any other bills. Where can I get help.
Having more than one property, trying to make a living from managing them. If I was employed by sombody, doing the same job I could claim housing benefit. But as self employed. I cont claim benefit towards my mortgage.
So, where can I get help
Please help!
help
Having more than one property, trying to make a living from managing them. If I was employed by sombody, doing the same job I could claim housing benefit. But as self employed. I cont claim benefit towards my mortgage.
So, where can I get help
Please help!
help
Hi help,
If I can understand you properly, you are speaking of two separate properties here. Are you facing problem in paying the mortgage dues with both the properties? Or is it any one property on which you cannot pay the mortgage dues?
If you are facing issues with one of the properties, then I think you should consult the lender and check out the options that they have. You can also apply for a deed in lieu or a short sale. In both these processes, you will have to give away the property to the lender who will try to sell it in the market and recover the debts. There are chances that there will be a deficient amount from the sale of the property. In case of deed in lieu, the lender will forgive this deficient amount whereas in case of short sale, you will have to pay the deficient amount to the lender.
Consult your lender and check if these options are available for you or not. If you get anyone of these options, then you will be able to sell off at least one property. After that you can try paying the mortgage dues of the other property and save that property from being foreclosed upon.
Thanks
If I can understand you properly, you are speaking of two separate properties here. Are you facing problem in paying the mortgage dues with both the properties? Or is it any one property on which you cannot pay the mortgage dues?
If you are facing issues with one of the properties, then I think you should consult the lender and check out the options that they have. You can also apply for a deed in lieu or a short sale. In both these processes, you will have to give away the property to the lender who will try to sell it in the market and recover the debts. There are chances that there will be a deficient amount from the sale of the property. In case of deed in lieu, the lender will forgive this deficient amount whereas in case of short sale, you will have to pay the deficient amount to the lender.
Consult your lender and check if these options are available for you or not. If you get anyone of these options, then you will be able to sell off at least one property. After that you can try paying the mortgage dues of the other property and save that property from being foreclosed upon.
Thanks
hi help
you can also check out the options of loan modification or a forbearance. you can speak to the loss mitigation department of the lender and check out if they are offering you a loan modification. you can also try out the option of forbearance where the lender will reduce or suspend the payments for a few months and will also offer you a new payment plan.
thanks.
you can also check out the options of loan modification or a forbearance. you can speak to the loss mitigation department of the lender and check out if they are offering you a loan modification. you can also try out the option of forbearance where the lender will reduce or suspend the payments for a few months and will also offer you a new payment plan.
thanks.