Alternative to repossesion?greenspun.com : LUSENET : Repossession : One Thread
If a couple had a property that was a good investment, with some equity and they became unable to continue the mortgage payments for reasons such as disability; rather than become repossessed, move to a smaller residence, with its conseqent upheaval or rely on the State to pay some of the mortgage interest; would it be possible for the couple to sell part of their home to a private or public organisation who would themselves benefit as well as the couple and their family who would not have their lives uprooted? This would be similar to Home Reversion Plans for the elderly. If anyone has any ideas how this could be done please wadvise, thank you. Peter Charlton
-- Peter Charlton (firstname.lastname@example.org), May 02, 2002
Presumably you've explained the situation to the lender to see if you can extend the mortgage and reduce the monthly payments to an amount you can afford?
I think you really need professional advice on this. You could try the CAB if you haven't already. The only other thing I could suggest would be to approach the Housing Associations and see if you can work a deal with them.
Good Luck, Mark.
-- M Amos (email@example.com), May 03, 2002.