All my money is in my house and I can't sell it

[Lucyweeks]

I have been trying to sell for six months. The building society has been awful. No repayment holiday, no interest only.
I have been seriously ill and will not be able to return to full time work.
The estate agent has told me I'm not going to sell until the autumn as only the big houses (£1.5m+) are selling in our neck of the woods due to our famous school. The building society won't wait.
If I reduce again I have no equity and nothing to rent with. I'd have to borrow off family to pay removal costs. I'm too old to start again. How can I stop them taking the house from me?

On the basis of if you make one more reduction you’ll have no equity: you already had hardly any equity. Surely the deeper issue is what you plan to do going forward.

Thank you all.

It's really not that easy. I was unable to work due to a long term health condition, and was losing my rented home. My l9cal council quoted a 12 year waiting list, and Shelter told me that as a single woman with no dependents (my daughter had just turned 18), I could be street homeless.
Temporary housing can be for years.

@Tedsnan1i was told similar. I have taken a lot of advice from this thread and I think we are going to go for the fire sale!

I'm sending you my very best wishes. This is a really tough situation to be in, but you will get through it and safely out the other side. Nil desperandum 😊 xox

I'm sending you my very best wishes. This is a really tough situation to be in, but you will get through it and safely out the other side. Nil desperandum 😊 xox

Could you take in a couple of lodgers to ease finances?

@Howcoolsadly it wouldn't be enough. Lodgers can only be charged about £600 a month I think so times two it's not enough.
I think we're going to go for another 10% cut (after reducing 20% before).
It's a awful situation but I can't see another way out.

Best of luck.

it’s an awful situation to be in. I hope in a couple of years time you’ll be able to look back on this from a better position.

What's you DP's solution? It sounds like he's being living in your large house, but that's no longer possible because of your health. How does he plan to step up and take his turn at supporting you all?

I used to work in Debt Recovery for a major bank. This is highly unusual for them not to offer to help you. We always bent over backwards to avoid eviction, and every case had to be signed off by the Head Honcho. It sounds like your account is still with the Mortgage department though, and that it hasn't been passed to a Debt Recovery Unit yet. If it is passed to a Debt Recovery Team, they have much more power to engage with you and renegotiate.

I would write to the Head of the Mortgage department and lay out your case. I would also say that their lack of understanding is making you feel like you are going to have a breakdown, and that you are thinking of going to the papers.

They did help, they gave the OP some time in reduced payments.

what about your critical illness or mortgage insurance? Have you checked with them, or even with your household insurance if you are covered if you are too ill to work?

what about work? Would you be covered for medical retirement? Early pension?

No critical illness. Life insurance only.

Sell via a property auction

You set the minimum price to sell (with advice from auction advisor)

If it doesnt sell first time, it will go into the next auction

Just an update to the kind folks who gave advice.
We're taking on a second agent next week and reducing the house. If we break even we'll have to forget any uplift for the works carried out.
We've been offered our old rental to buy or rent. That has been helpful.
I've been advised to seek breathing space through shelter.
We will probably move out shortly as it's easier to manage our autistic DC if they know what's happening.

Update. Sold it! Family member who wants a BTL.

Cancer diagnosis doesn’t automatically make someone disabled except for employment.

You don’t automatically get a blue badge for example if you have a cancer diagnosis. You don’t automatically qualify for disability benefits. You don’t automatically qualify for ill health retirement

@mydisability predates any cancer diagnosis. I've worked for twenty years with it.

Could you not rent it out to pay the mortgage and rent somewhere smaller?

No. I need the equity

Glad you sold it OP. Also I’m sure youve checked but many Life insurance policies pay on diagnosis of a terminal or serious condition and not just death. Worth checking the small print.

Maybe your family member could rent it to you?! Then you wouldn’t have to move!

Oh that sounds like good news .
I do hope you got the price you needed to move on @Lucyweeks