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House unsuitable - is repossession a viable option?

from Angie Vale (valea@felixstowe.rms.slb.com)
My sister in Law & her husband have a mortgage of about 10 years on a small 2 bedroomed house which is worth about #20K less than they paid for it - the problem is that they are in financial difficulty and have 3 small children so the house just isn't big enough and is in need of alot of work - it has no heating for example. We wondered if they would be better off asking that the house be re-possessed and then rent a more suitable property? What would be the best course of action for them to take in this case? How much of the debt would they have to pay back?
(posted 8976 days ago)

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