Hi again,
I'm in need of some advice if possible so I thought who better to ask!
Right, that's the compliments over and done with....he he he.
Hopefully, you might be able to help. Unfortunately, we lost our mum just before Christmas 2012. Contrary to popular belief my mum's debts didn't go with her as we're finding out, but she did have a house which she'd re-mortgaged several times over and is now insolvent. In addition my mum also has several charges against the property.
Now, if we take on the mortgage in addition to the estate being insolvent we would have to take on her charges on the property (17k) and the mortgage being in (15k) of arrears. This would put me and my sister in a worse position financially but we would like to secure the property nevertheless for sentimental reasons as well as so my sister has somewhere to live. It was just my mum, me and my sister and now it's just me and my little sister (she's 23)!
Could we propose to the bank a cash purchase at a reduced cost and if so, what would you advise would be the best way to approach this? And how much would be a realistic amount? Should I base it on going to market or auction led prices?
In terms of how we'd like to come up with the funds for a cash purchase, we're thinking a bridging loan? Is this the best way forward as that way we wouldn't have to take on the charge on the house or the arrears, as the house is currently in negative equity of about 20k in addition to all the other negatives.
We're at our wits end but I'm trying desperately all things considered to see the wood through the trees. My sister is on a low income so I would have to act as guarantor in this instance, any advice on the best mortgage company and bridging loan company to secure this?
Is this all legal by the way? If not, then it's back to the drawing board.
Thanks in advance
All advice is welcomed. I'm desperate to find a way through all this
I'm in need of some advice if possible so I thought who better to ask!
Right, that's the compliments over and done with....he he he.
Hopefully, you might be able to help. Unfortunately, we lost our mum just before Christmas 2012. Contrary to popular belief my mum's debts didn't go with her as we're finding out, but she did have a house which she'd re-mortgaged several times over and is now insolvent. In addition my mum also has several charges against the property.
Now, if we take on the mortgage in addition to the estate being insolvent we would have to take on her charges on the property (17k) and the mortgage being in (15k) of arrears. This would put me and my sister in a worse position financially but we would like to secure the property nevertheless for sentimental reasons as well as so my sister has somewhere to live. It was just my mum, me and my sister and now it's just me and my little sister (she's 23)!
Could we propose to the bank a cash purchase at a reduced cost and if so, what would you advise would be the best way to approach this? And how much would be a realistic amount? Should I base it on going to market or auction led prices?
In terms of how we'd like to come up with the funds for a cash purchase, we're thinking a bridging loan? Is this the best way forward as that way we wouldn't have to take on the charge on the house or the arrears, as the house is currently in negative equity of about 20k in addition to all the other negatives.
We're at our wits end but I'm trying desperately all things considered to see the wood through the trees. My sister is on a low income so I would have to act as guarantor in this instance, any advice on the best mortgage company and bridging loan company to secure this?
Is this all legal by the way? If not, then it's back to the drawing board.
Thanks in advance
All advice is welcomed. I'm desperate to find a way through all this