A
At Wits End
Guest
Hi all
I dont know what to do so I'd said I'd try here and see if I could get some help. Sorry if this is in the wrong forum
i've recently split up from my girlfriend and we have a mortgage together in both our names.. we have had the house for 5 years and never missed a repayment. The value of the property at this stage is around the 170K mark and the balance due on the mortgage is 250k
Things are dreadful in the house and im starting to fear both for our physical and mental health.. Neither can afford to take over the mortgage by ourselves and or move out while covering the cost of two places.
I need a couple of answers or suggestions on what to do.. I really am at my wits end..
1. if we rent out the property how do we even start about going about it. Is there many extra costs/tax/insurance issues? I need pretty step by step details as what to do cause i haven't a clue about how to go about this.
2. Would the bank let us sell and divide up the hit?
3. Is there any way of getting some of the debt written off so we could even take a smaller hit?
4. if it were possible for one of us to take it over would the bank even allow to remove ones name. I'd had enough hassle trying to do this with a car loan which is 80% paid and I'm coming up against so much resistance it's unbelievable.
5. IS anyone else in a similar situation and how did they resolve it/
Guys any detailed advice or suggestions would be so helpful. I just dont see how we can go on like this and I can't see any way out of it. It's a nightmare and I need help.
Sorry this is so long winded.
I dont know what to do so I'd said I'd try here and see if I could get some help. Sorry if this is in the wrong forum
i've recently split up from my girlfriend and we have a mortgage together in both our names.. we have had the house for 5 years and never missed a repayment. The value of the property at this stage is around the 170K mark and the balance due on the mortgage is 250k
Things are dreadful in the house and im starting to fear both for our physical and mental health.. Neither can afford to take over the mortgage by ourselves and or move out while covering the cost of two places.
I need a couple of answers or suggestions on what to do.. I really am at my wits end..
1. if we rent out the property how do we even start about going about it. Is there many extra costs/tax/insurance issues? I need pretty step by step details as what to do cause i haven't a clue about how to go about this.
2. Would the bank let us sell and divide up the hit?
3. Is there any way of getting some of the debt written off so we could even take a smaller hit?
4. if it were possible for one of us to take it over would the bank even allow to remove ones name. I'd had enough hassle trying to do this with a car loan which is 80% paid and I'm coming up against so much resistance it's unbelievable.
5. IS anyone else in a similar situation and how did they resolve it/
Guys any detailed advice or suggestions would be so helpful. I just dont see how we can go on like this and I can't see any way out of it. It's a nightmare and I need help.
Sorry this is so long winded.