Hi,
We have 3 mortgages, one for the house we are living in, one for the house we are building and one on an investment site. Things have changed dramtically for us and we are finding things hard. We have no income from the investment site. This investment mortgage is with one bank and the other two mortgages are with a different bank.
What happens if we can't continue to pay on the investment site. We did not use anything as security for the mortgage, we just got it based on our earnings.
Would they make us sell our family home if the investment site gets reposessed. I know we would be liable for the balance on mortgage. The site is on the market but no offers yet. It is is negitive equity.
Any advise on what the proceedure is?
We have 3 mortgages, one for the house we are living in, one for the house we are building and one on an investment site. Things have changed dramtically for us and we are finding things hard. We have no income from the investment site. This investment mortgage is with one bank and the other two mortgages are with a different bank.
What happens if we can't continue to pay on the investment site. We did not use anything as security for the mortgage, we just got it based on our earnings.
Would they make us sell our family home if the investment site gets reposessed. I know we would be liable for the balance on mortgage. The site is on the market but no offers yet. It is is negitive equity.
Any advise on what the proceedure is?