I'm a new user on this so hoping I'm posting in the right place.
My husband bought a house through shared ownership 9yrs ago. Its a small 3bed, he was in the construction industry and has been out of work since 2009. We are massivly in arrears with our mortgage,the council did get a reposession order but we managed to come to a repayment agreement with them,this was in jan '11.
Since then we have been really struggling to keep up the repayments,we have 5 kids and almost just feeding them is a struggle,
We are also having massive problems with our neighbours,which I cannot get into detail but they are not having a great influence on our kids.
We want to move,and get out of shared ownership, for many reasons, we cannot afford the payments here (mortgage,loan,and arrears) the house is far too small for us all,and our neighbours.
I'm wondering how do I go about this? Do I just let the council repossess? Do I sell?but then what do I owe council?(The 60% they own or what)
We are really stuck and just looking for some info.
My husband bought a house through shared ownership 9yrs ago. Its a small 3bed, he was in the construction industry and has been out of work since 2009. We are massivly in arrears with our mortgage,the council did get a reposession order but we managed to come to a repayment agreement with them,this was in jan '11.
Since then we have been really struggling to keep up the repayments,we have 5 kids and almost just feeding them is a struggle,
We are also having massive problems with our neighbours,which I cannot get into detail but they are not having a great influence on our kids.
We want to move,and get out of shared ownership, for many reasons, we cannot afford the payments here (mortgage,loan,and arrears) the house is far too small for us all,and our neighbours.
I'm wondering how do I go about this? Do I just let the council repossess? Do I sell?but then what do I owe council?(The 60% they own or what)
We are really stuck and just looking for some info.