Need advice with Mortgage problem

[SA Gold]

Re: Need advice with Mortgage problem

Just wanted to pop in and wish you well with this. You are in good hands!

Best wishes
SA

[Never-In-Doubt]

Re: Need advice with Mortgage problem

Send planB a PM. She's a tad busy I think. But that'll jog her memory

[Exclus]

Re: Need advice with Mortgage problem

Haven't heard anything from the bank for a couple of weeks, although fully expect to any day now. Waiting to receive PlanB's thoughts on why things may not be so bleak, so that I may respond positively to any action the bank may take.

[Exclus]

Re: Need advice with Mortgage problem

Thanks for your kind help and assistance.

[PlanB]

Re: Need advice with Mortgage problem

We have put the house up for sale . . . . . We are very worried about the whole situation - don't really want to sell the house that has been in the family for about 50 years .

I've got your PM and I'll reply on Monday. Things may not be as bleak as you think

[PlanB]

Re: Need advice with Mortgage problem

I see from your previous thread that you were troubled by this in November 2012 but somehow you've managed to keep the status quo since then:

http://forums.all-about-debt.co.uk/s...l=1#post259830

Has something formal happened to cause you this current worry other than the bank piling on the pressure to force you to sell your home?

At the moment they have security on your house so if they wanted to call in the loan (because it has effectively expired) then they would have to repossess you through the courts. That's not an easy process for them which is why they want to bully you out of your home instead. There may be options which I'll explore with you when I've got a bit more information to go on.

I note you say you're a pensioner (so am I ) but can you tell me exactly how old you are, but if that's an embarrassing question then send me a PM.

I'm not around this weekend but I'll be back on Monday.

[Exclus]

Hope someone can offer me some assistance with my problem.
In 2002 we took out a relatively small 10 year term mortgage on our property, and at the same time my bank, who arranged the loan through their own Building Society, arranged for us to have a mortgage reserve current account (our own cheque book etc) - which means that as the mortgage gets paid off we could draw down more money from this account. Everything went well until my business hit problems, and we had to start drawing down this money. At the end of the 10 years the mortgage balance was nil (never being late or missing a payment), but the reserve account had gone up to about £73K.
We have put the house up for sale so that this would be settled (house value to amount owed is nearly six times over), but not sold as yet. We have been paying a monthly amount to cover the interest and reduce the balance a little, but not as much as we were paying as a repayment mortgage. The bank have accepted this for some time, but have now said that they are declining our offer to keep paying this amount until the property is sold, and may start to take other action.
We are pensioners with no other form of income, and cannot pay more than we are at present.
Really want to know that if they start any action just what can we do, and how long would it be before this reached court proceedings. We are very worried about the whole situation - don't really want to sell the house that has been in the family for about 50 years - but obviously have no other option, as we would not consider an equity release.
Our son and daughter have offered to raise a mortgage and 'buy' the house, but we do not want to go down this route as we want to sort this problem out ourselves.
We would be very grateful for any advice/assistance that is offered.