I have had a mortgage with the Halifax for my property in Manchester for 9 years. However, for the last 6 years the property had been empty as I had moved to Dorset. I had initially put the property on the market for sale, but the area started to go downhill - eventually with nobody wanting to buy properties except landlords, at really rock bottom prices. As I had an interest only mortgage, I still owed approx £26k and didn't want to sell for £8k-£10 as it would leave a big debt for me.

I tried renting it out, but the Halifax wasn't really happy with that option and wanted to change the mortgage to a commercial one. To cut a very long story short, the property started to get vandelised and I felt I could no longer look after it as I had used up all my favours from family and friends! The council started to send notices of compulsary work through to me, which meant spending even more money on the property. So I decided to hand the property back to the Halifax, as I couldn't see the situation improving at all and as I am now a single parent, I can't afford to keep spending half of my wages on an empty property.

As yet, I've heard nothing from them about what happens next. If anyone can help with that, I would appreciate any info. Rather than the nightmare ending, I feel like it's just beginning!

Thanks, Mel

-- Mel Trudgett (melanie.trudgett@ntlworld.com), April 22, 2003

Answers

Mel,

I really think it would be better (if it's not too late) to sell the property yourself, even if it means for a rock bottom price. What makes you think the building society will get a better price? Highly unlikely that they will, and very likely they will get a worse price, because normally they just want to offload these properties as fast as possible. The end result will probably mean that you will wind up with a much bigger debt than if you did it yourself. Have you tried all the Housing Associations they may be able to help? Have you found out if there is a regeneration program in that area? Have you tried explaining the situation to the local council housing department or the Social Services? You never know you might strike lucky. Also keep trying to maintain the mortgage payments as best as possible during this time, it will at least help reduce the interest charges later. Try and avoid a mortgage shortfall as much as possible, you only have to read previous postings to see the aggro you will have for years to come if you don't. Let us know how the Halifax treat you. Good Luck.

Mark.

-- M Amos (idgroms@hotmail.com), April 22, 2003.

hi a similar thing happened to me withthe halifax i handed the keys in then didnt hear anything, then out of the blue approx a year later i received a letter stating they had sold my house for a measly 11k and i owed them 25k i had to negociate a price and settled on 5k for a settlement,just be aware that they will all of a sudden contact you, all the best

-- donna carril (simon.enriquez@ntlworld.com), June 30, 2003.

Mel, immediately put it up for auction. Manchester properties in run- down areas are regularly getting 15-18k at auction. I know I've been going to em, dont sell it at an agents, it costs nothing to auction it as conditions of sale allow you to charge the successful bidder for your costs. still doesnt come to 26k but better than selling for 8-10. good luck

PS- search the net for property auctions

-- Neil (Neilaw_uk@yahoo.co.uk), July 01, 2003.