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I am big trouble. I have been getting phone calls

Phone calls from the mortgage company?

If you are behind on your mortgages, Its when the phone calls stop that you really have to worry, because that means you have either defaulted or they have gone to court to obtain a possession order.

If you are behind with your mortgage payments - talk now. If it becomes clear that house prices are dropping then they may not be as helpful.

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Thanks everyone for the quick repley, in fact I didnt expect one and certainly not as helpful.

I would rather not sell as this is my perfect home. It may not be a lot to some high flyer in London or Manchester but to me, its what I dreamed of. I have cut back as much as possible, we dont go out.

We are already on interest only and I have used moneysupermarket to find a better rate, but I was refused twice because of the mortgage arrears.

i am really at the end of my tether and having sucidal thoughts. I dont sleep well anymore and I get anxious out of no where.

I dont want to take in a lodger and I really dont know what to do.

Where I was brought up, if you woprk hard you are alright, but I have stuggled to save 10% deposit (£40,000) for the house and I feel that these rate rises are unfair. Why should I lose myt home, whats for me to rent out a place where I dont want to live and face bankcrupcy.

Is there no other solutions ? Please !!!

10% = 40k

400k house ???

I always say we can only have what we can afford. Thats why i live in a 100k 3 bed terraced with approx 20k left to pay.

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I am big trouble. I have been getting phone calls

Work with the mortgage company.

Let's review the facts:

Mortgage arrears (presumably large)

I/O mortgage - dear oh dear - well, we are where we are

Trouble sleeping at night

Here are the things that you can control:

Lodger (unpleasant)

Sell (unpleasant)

Refinance (can't due to credit rating)

Here are the things that you cannot control:

Interest rate

Credit rating (out of your control now - you defaulted)

HPI

To summarise:

Fact: you're in a spot and doing nothing is not an option

Fact: you do not own the house (the bank does)

Fact: Interest rates are more likley to go up than down

Fact: Getting a bad credit rating is bad news

Fact: Getting kicked out is bad news.

Fact: you are already suffering from stress

My feedback (NOT advice) is to take control of those aspects of the situation that you can.

Either:

a Take lodger or

b Sell

If it were me, I would sell. If you can get some/all of your 40K back I would definitely sell.

At risk of sounding unkind, that 400K dream house was only ever that.

You could never afford it from day one on I/O. If you took a lodger that would not change.

I _personally_ think it will take 10 years for that house to appreciate so your I/O mortgage "gives" you something.

Join the millions of others who live in ordinary houses and have ordinary lives and ordinary stress levels.

Good luck.

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400K in Bolton? You bought the town hall?

£400K won't buy you that much in Bolton - a bog standard 4 bed on an 'exec' development or a small stone cottage up on Edgworth - but it certainly won't buy you what people outside the North think it will.

If the post is genuine, I fear a little for the OP - the middle to top of the market is sticking in Bolton - there have been tiny volumes sold since 2004 and the prices have not really moved up in that time. Even if he's got himself a nice house in Lostock or Heaton, he's still not going to make much on it if he bought it then (or after).

Myself, I would work out whether it's worth £500 a week in rent and sleepless nights or whether you cut and run and sleep better - I should doubt a similar house will cost the same in rent - from my recent sniffing about in Bolton, the yields on bigger houses are rubbish, so the OP could take advantage of them.

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:lol::lol::lol:

That really did make me LOL!

He'll have to go away and come back with a more convincing story than "I'm going to jump !"

No one on here is fooled.

:P

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He'll have to go away and come back with a more convincing story than "I'm going to jump !"

No one on here is fooled.

Living under a bridge must come in handy at such times.

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Pinhead, if you're a butcher, then your spelling's not up to much.

It's far more likely that you are Alistair Campbell.

And I claim my five pounds.

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