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[BERTIECBX550]

Any body got any advice for me as i`ve had to come to conclusion i have to sell the house  as i cant bear being there any more plus i cant afford the mortage(if they`d let take it over) or the bills in running the house..........

[Turk]

Have you thought about renting it out. Should have the mortgage payments covered plus extra...and you'll still own the property for the future when it would be better if you still want to sell.
Now is not a good time to sell, plus you'll have no problem finding tennants as mortgages are not that easy to get at the moment.
There are organisations out there that will handle pretty much all the issues involved with renting out a property.
Worth having a chat with someone who knows the score.     

[Lazydocker]

Sound advice... I'd look to rent it out. May even be worth a chat to a local housing association... Won't be the most rent you could get but they normally pay the rent directly to you so the money is guaranteed!

[Plomien]

http://www.nethouseprices.com/index.php?con=Search-Sold-House-Prices
see if it worth selling first if not then rent

[BERTIECBX550]

Unfortunatley renting is not an option as there is 16k outstanding on the mortage and c+g want there pound of flesh and the house is split between me and my brother in the will plus i have an iva

[Vamps]

Unfortunatley renting is not an option as there is 16k outstanding on the mortage and c+g want there pound of flesh and the house is split between me and my brother in the will plus i have an iva

Check it out, but was this in you Dad's name, if so you may be able to simply 'Walk Away' you are not responsible for you Dad's debts, they are paid from the 'estate' and if not enough money then tough.
I am sure there are others who can clarify this one way or another. :-/

[BERTIECBX550]

C+G are talking repossesion if the current mortage payments are not made for june or july......so it looks like retaining a solicitor to sort the estate out and sell the house...Just scared about selling thats all never done it never had too and well i`m just worrying myself and getting stressed.....

[Entwood]

IMHO the first thing you do it make a phone call tomorrow morning to the CAB and book an appointment with a  financial advisor. They know the law and the options ... with respect .. you know neither so are just guessing .. as are the rest of us (probably).

Sound, qualified advice V guesswork from friends ??

Only one way to go IMHO

[CaptainZok]

There shouldn't be a mortgage now your parents have passed away Gaz.
As far as I remember it all mortgages have to be covered by life insurance for the mortgagees which pays off the loan in the event of their death.

[Vamps]

C+G are talking repossesion if the current mortage payments are not made for june or july......so it looks like retaining a solicitor to sort the estate out and sell the house...Just scared about selling thats all never done it never had too and well i`m just worrying myself and getting stressed.....

Is there any collateral in the house, if there is then any money over what is owed to C&G should come your way, after they have auctioned the property.
If not collateral give them the keys and walk, solicitors don't come cheap.

[Turk]

£16k is nothing when it comes to mortgages, but I suppose £16 is nothing, until you haven't got it.
I would definately speak to some one before deciding either way.

There must be equity there if it's just £16k left owing. You wouldn't get anything much for 4 times that, even with todays economic climate.    

[BERTIECBX550]

No life insurance TSB never pushed it when they sold the C+G mortage and the house is valued at £139,000....C+G OWED 16K plus other debts such as c/cards.......

[CaptainZok]

You'll need a solicitor to sell the house mate and I'm not sure but I think you will need to put the will through probate with the value of the house so get some legal advice.
the solicitors bill will come out of the estate along with all debts etc before they give you and your brother a cheque for the balance.

[Ken T]

try and gather all the facts. How much is the house worth at pres on the market, look at any sales, estate agents prices. Then look at how much rental is fetching. Some people don't want to buy a house, a rental is fine for them, if you can get away with charging slightly less than it would cost to buy, but more than servicing a 16K debt, then do it.

I would recon that renegotiating a 16K mortgauge on a house at todays prices would be easy/cheap. Prices are going to rise eventually,so if you can hang on, then go for it. Remember if they reposses, all  they want is 16K plus fees, they don't care if you loose the real value of the house. You need to do research, local papers, estate agents, how much could they sell it for now, things are starting to improve on the market, however if its got debt judgements against it, it will be harder to sell. Like credit history, it sticks. If you can keep it clean, free from judgments,  its worth it, have you considered a short term rent, some dosh coming in while you get sorted ?.

Best of luck, email me if I can be of any help,

Cheers Ken

[Entwood]

If the house is subject to a Will .. then the C&G can make no claim on it until probate is granted - at least that is what the last 10 minutes of google reading has lead me to believe - and any overdue payments would come from the estate of the deceased.

I reiterate .... get PROPER advice .. my research and other folk guesses mean didly squat ... Professional advice is required .. soonest.