is repossession the only way out?

greenspun.com : LUSENET : Repossession : One Thread

After a messy divorce, I was left with a 72k mortgage in my name. The property in question has been unoccupied now for 16 months - and has been on the market all that time. There has been no interest in the property, which is priced at 60k (but has been open to offers). I cannot afford to pay the mortgageon the property, nor is it in a state to rent. The C&G valued the property at 90k three years ago, however, when trying to remortgage it to cut down my monthly repayments, it was valued at only 56k - an interseting shortfall. I feel that I am in a state of limbo and that repossession is the only way out? Any comments?

-- gavinrawlings (gavinrawlings@hotmail.com), January 01, 2001

Answers

Have I got this right? C&G valued this property at 90k in 1997, but at 56k this year?

Where is it - Hebron??

Have you got the valuation documents?

-- Eleanor Scott (eleanor.scott@btinternet.com), January 06, 2001.


Gavin,

If you post your earlier message to me here, I will be able to offer an opinion, if you like.

-- Eleanor Scott (eleanor.scott@btinternet.com), January 11, 2001.


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