Hi,
I am a 52 year old male. Joint earning 120K.............We have a family home valued at 300K (unencumbered) but owe the bank 2.5m across a number of buy to lets.......... When the houses are all sold there will probably be a shortfall of 800k +.
We have been in negotiation with the bank for a number of years............They have now issued us with Heads of Terms with excessive valuations on the buy to lets and insisting we take a 80% mortgage on our family home. They further insist we pay the difference between the actual sales value of the buy to lets and the excessive valuation amount.
We really want to put things behind us.........The mortgage is tough but manageable....... We cannot afford to pay the shortfall on any property sales however..... We have said this to the bank repeatedly.....as has our solicitor.........
The bank's solicitor said their are going to initiate judgement proceedings against us if we don't accept the deal (on which we shall certainly default).
Should we a)Go down the personal insolvency route b) Accept the deal and face what comes c) Allow them put a judgement against us ?
Please don't say seek financial advise, we have had several advisors and no-one seems to have a helicopter view across the pro's and cons of the alternatives............. Need advice quickly if possible
I am a 52 year old male. Joint earning 120K.............We have a family home valued at 300K (unencumbered) but owe the bank 2.5m across a number of buy to lets.......... When the houses are all sold there will probably be a shortfall of 800k +.
We have been in negotiation with the bank for a number of years............They have now issued us with Heads of Terms with excessive valuations on the buy to lets and insisting we take a 80% mortgage on our family home. They further insist we pay the difference between the actual sales value of the buy to lets and the excessive valuation amount.
We really want to put things behind us.........The mortgage is tough but manageable....... We cannot afford to pay the shortfall on any property sales however..... We have said this to the bank repeatedly.....as has our solicitor.........
The bank's solicitor said their are going to initiate judgement proceedings against us if we don't accept the deal (on which we shall certainly default).
Should we a)Go down the personal insolvency route b) Accept the deal and face what comes c) Allow them put a judgement against us ?
Please don't say seek financial advise, we have had several advisors and no-one seems to have a helicopter view across the pro's and cons of the alternatives............. Need advice quickly if possible