Big mess, mortgage payments, homelessness

[jinglybell]

I live with my mother and my daughter. I have been here 20 years in August, my daughter is 19.

I was initially living with my mother and father but he died in 2005, shortly after remortgaging and the insurance didnt pay out. It is an interest only mortgage.

I have helped with the mortgage. For the last 2 years i have paid 99% of the monthly mortgage payments. 2 years before that i paid about 70%. 6 years before that about 50%.

My mother now wants me and my daughter to leave. We have until the end of the month.

I have 0 savings due to the mortgage.

My mother will not be able to pay the mortgage herself. The house will be repossessed and none of us will have anything to show for all the money we have sunk into it.

What the actual fuck do i do?

I've emailed the local council housing department explaining with a copy of the letter attached. Not heard back from them yet, can't get hold of them by phone.

Im shitting myself.

This is because my 66 year old mother has "fallen in love" with a man shes never met, 600 miles away, who is manipulative and controlling and younger than me - he's 38 - and I'm scared shitless that he's going to hurt her

Can you look at private rent properties? If you've been paying the majority of the mortgage you presumably work?

Unfortunately if it is an interest only mortgage then you have effectively only being paying rent as the full outstanding balance will still need to be repaid. Is your mum proposing that he moves in with her?

From a practical perspective, you can present as homeless to your local council or housing association, they will find you somewhere or help with deposits etc to private rent.

Why did the insurance not pay out, was it an endowment policy?

Presumably she'll get some money if it's sold as there must have been a deposit paid when the property was first bought. You could try Citizen's Advice Bureau for advice. You may have some claim if you were paying the mortgage for a period.

I do work, i earn 19000 a year.

I havent got any money to private rent and couldnt afford it anyway plus my daughter and i have 2 small dogs.

She wants to sell the house or walk away from it.

My dad got life cover with the remortgage but he became ill within 3 months of it starting so they wouldnt pay out.

I doubt she wants to move him in

Unfortunately you're in the same position you'd be in if you were living with a partner and your name wasn't on the mortgage. I don't think you have any rights to the property.

What does your daughter do for a living? Can you afford somewhere with your combined income? You may have to rehome your dogs if you can't afford to keep them, or if renting. Finding a roof over your head is more important than the dogs.

I've got constant palpitations and im shaking like a leaf the whole time. My daughter is a student but is looking for work.

I suppose you've only been paying rent, the same as you would if you'd had a rental property in your own name. You haven't actually lost anything. Is your DM prepared to give you some of the equity so you can start again? Even enough for a deposit would help.

She should put it up for sale before defaulting. How much equity is there likely to be, if any, for her to start over.

If she wants to walk away from the house could you live there and transfer the mortgage into your name

What were your mother’s plans for paying back the capital?

There were no plans for paying back the capital. Theres 192000 to be paid back in 5 years time.

She could sell it for about 350000 - 400000 i think so i assume she just thought she'd sell it, pay that off and get somewhere else with whats left. I think she was planning to give my brother and i a bit of money too

If your DM is planning to walk from the house where does she think she will live? With the '38 year old' she's never met?