Unsustainable Mortgage. When will I be asked to move out?

A

Alwyn

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I was offered options by my bank a) to split my mortgage, b) to sell and accept the sale shortfall. The liability after sale exceeds 200k.

My problem is that I do not meet the banks criteria for a split mortgage i.e my payment offer is not high enough.

Should I tell the bank that I am filing for bankruptcy if they do not accept my offer or am I over stepping the mark. If this is unacceptable when will I be asked to leave?

All advise helpful please.
 
They said they were unsure of my financial position yet I have filled out umpteen financial statements. They presented the option of a split mortgage, on what grounds I do not know, with the choice of paying X amount of money each month but I am unable to meet their required amount. They will not accept the offer I have made either.
 
The short answer to your question is you don't have to move anywhere till the court orders you to do so.
 
Thanks for your reply. I hear through the grapevine that if they start legal proceedings soon that I will be removed before December. As I cannot pay the split mortgage amount they are looking for will I tell them that I am going to bankrupt myself overseas if they cannot accept my offer and come to a conclusion or am I over stepping the mark? Is the use of the word "bankruptcy" in my correspondence with the bank a good or a bad tactic from my side?
 
With stays of execution you are looking at a year min before the axe falls.
 
Should I continue paying them the amount I can afford? Is there any point in trying to continue negotiations with them or are they generally sticking to the one hymn sheet?

Sorry about all the questions. Thank you very much for your time.
 
can OP continue to pay the amount he can afford, the try to object repossession in court and ask for additional time to try to sort his situation ?
 
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