Cancelled endowment causing shortfallgreenspun.com : LUSENET : Repossession : One Thread
My parents-in-law are facing difficulties with their endowment mortgage due in 2003.
For various reasons their endowment has been cancelled which will leave them with a shortfall of £38,000 when their mortgage falls due. They are both in their 60's although my father-in-law is still working as a free-lance taxi driver. If they sell their home they will release £100,000 equity which is not sufficient to buy another home in the area in which they are living and would prefer to find a solution that would enable them to carry on living in their current home. They now are desparately seeking to find out what their options are at this stage.
Any advice ?
-- Jez Horrox (J_Horrox@goldcity.demon.co.uk), February 27, 2001