[Help] cared of getting my house repossed, should i sell up and invest my equidy and rent. Updates to this post /post/220944-cared-of-getting-my-house-repossed Sun, 29 Nov 2009 02:52:42 +0100 Reply from chev.jame /post/220944-cared-of-getting-my-house-repossed#reply-4527766 Don’t know about the UK, but this is a terrible real estate market in the USA, with average home prices falling 20 percent. We have the worst housing market since the Great Depression. You could take a bath trying to sell your home. The other bad thing about renting: you KNOW your rent will be increased every time you renew a lease. When you’re ready to buy a home again, interest rates may have risen, so you’ll be paying 1,500 pounds a month instead of 1,100.

You COULD rent out your home for more than the mortgage payment . . . BUT if you get a bad tenant, you could be out the rent and have major damage to repair.

I’d try to cut costs and take in a boarder, as Genesis721 suggested. I’d hate to sell another house right now.

]]> chev.jame Mon, 24 Nov 2008 13:23:01 +0100 Reply from Anonymous /post/220944-cared-of-getting-my-house-repossed#reply-4527681 if u dont want to move talk to ur bank the last thing they want to do is take ur house off you its to complcated and costly.you can ask for a payment holiday or a intrest only repayments.

]]> Anonymous Mon, 24 Nov 2008 12:37:22 +0100 Reply from Genesis721 /post/220944-cared-of-getting-my-house-repossed#reply-4527667 You could consider taking in a boarder for awhile. Just until things get caught up.

]]> Genesis721 Mon, 24 Nov 2008 12:30:58 +0100 Reply from Maveric /post/220944-cared-of-getting-my-house-repossed#reply-4527636 If you are going in to debt, then selling your house and renting is the best way to stop the debt. It allows you to pay off your debts and put your remaining money away into a savings account to earn interest.

On the other hand, its possible that your house could go up in value in the future.

Its up to you to make a decision based on what your heart is telling you and what your finances are telling you.

I think cutting costs are a great idea though. You can work hard at saving those pennies and buy a beautiful house when you can actually afford it.

]]> Maveric Mon, 24 Nov 2008 12:21:00 +0100 Reply from The Clue /post/220944-cared-of-getting-my-house-repossed#reply-4527612 If you think that your going to get behind I would sell it and then look for another house or apt that is in your budget range. It would suck if they had to take it because you got behind in your payments. Hope this helps :-)

]]> The Clue Mon, 24 Nov 2008 12:13:10 +0100