Negative Equity in arrears - need advice

JCB1

Registered User
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Hi, need advice on where to go next. Bought an apartment in 2007.. Now in arrears and a lot of neg equity (200k). Have had a couple of restructures and the bank have declined most recent application. They have recommended that we sell the property as the situation is unsustainable for short term restructure.
I don't know where to go next as we will now need legal advice so do I need to get a solicitor and a financial advisors (any recommendations) as at this stage the bank may go legal route.
I also got in touch with estate agents to advertise property and there seems to be upfront advertising fee?
Any feedback is appreciated,new to blog
 
The lastest offer from the bank is
a) They will now charge full interest & capital each month. They will accept without prejudice any payments made towards the mortgage. We must sign a letter to agree to sell & that we are liable for any negative equity.
b) If we decline this offer, they will pass our account to collections to go the legal route.
 
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