Mortgage?

[januspolanski]

Lets say someone has a mortgage and has a 5 year fixed rate contract.

That someone is now struggling to make ends meet and wish they didnt have a mortgage anymore.

What are the realistic options for that someone to rid themselves of their mortgage?

What happens nowadays with a repossession given the current economic climate?

Anyone else been through a repossession? What happens? Would losing the house be the end of it or would you still owe?

Any advice appreciated.Thanks

[number_6]

It may not be the end of it if a house is repossessed. A mortgage company can if it chooses persue the borrower for any shortfall resulting from the house sale. Unlike most civil debts where in the case of non-payment the debt becomes statute barred after six years, there is an exception for mortgages where the lender has twelve years to persue.

[adzboarder]

I also don't know the full ins and outs, mortgages are a bastard.

However, if your house is repossessed it will sit vacant for ages, and while the property market is all fucked up it will sit for ages waiting for a new buyer which means that during that time, you could "move" back in! :D

It could be dormant for ages in the "system" so re-enter and claim squatters rights!

[scatlond]

In some cases, in the uk, a local council will be a house from someone facing repossession and then rent it back to them.

I am currently being bought by the council because they are demolishing the building. I will be unchained in the next few weeks, phew.

good luck.