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I purchased the 7 properties by remortgaging my house and with the help of mortgages brought them for £70K each. Properties in the same block are only being sold now for £25K. A shortfall of £315K in total
A shortfall of £315K in total
This is still goining through the courts. But I believe one of the lenders appears maybe content just taking posession ogf the flats. The other lender wants to secure the shortfall on the matrimonial home. I have a debt management company help assist repayments.
I believe I have equity of £80K in the matrimonial home.
No both the flats and home are on my and my wife's names
No should I, The debt management company will not assist until the flats are repossessed.
I earn about £2600per month. this is our only income
Thank you for your help. this is total different to what Al from Just Answers has suggested. I will try and reach a payment schedule, clearly unless something changes in my circumstanstances I am not going to be able to pay the shortfall.
Thanks Clare. I have re-read Al comments and the answer provided from him in my mind is different to yours. I will of course try and agree a repayment strategy.
Thanks for your assistance. I may need more assistance as the repossessions progress