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Mortgage

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Denisdiamond | 10:55 Tue 23rd Jan 2007 | Business & Finance
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I have a flat which is valued around �130,000 and an interest only mortgage owing approx. �50,000. I was made redundant about a year ago and have another job which is badly paid, with the result that I am having great difficulty keeping up with payments. What could be the legal and financial implications if I cannot pay my motrgage.

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You will lose your house. Remember the small print " Your home it at risk if you dont keep up repayments"
Question Author
With that possibility in mind,boro, how would I end up financially
Basically they will repossess your house give you say a week to get your belongings out and sell the house at auction. Financially i dont understand you will be homeless the mortgage company will not give you anything so what ever you have i yours
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If you really cannot afford the mortgage - sell the flat for �130,000, and pay off the mortgage.

You can then rent privately until you are in a better position.

You should be left with around �60 -70k after all the expenses.
Question Author
Thanks caz, and everyone else. Good advice. I,ll keep you posted.

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