There are several issues here that worry me a little bit.
How much Equity is there in the mortgaged part of the house?
Is the property an older persons property?
You say there is about £5K owing in rent, have the HA issued a money judgement order for that outstanding money?
You say there are other debts, such as the Funeral Director, roughly how much in total?
If you were to sell the property, roughly how much would all the solicitors fees, etc cost on top of the sale.
What I am angling at, is if there is any equity in the property LESS ALL debts (include about another three months) LESS any legal fees etc = ??
As to reprocessing the property, unfortunately this happens oh to frequently. Either the bank can reposes for mortgage arrears (then the HA and the Bank jointly sell the property) OR the HA can reposes (with loss of equity) for rent arrears
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Abbreviations used in DQF
My advice is guidance only, if you want the law then consult a lawyer!
(c) All Spelling mistakes are my own design, infringement of them may result me sulking!
The outstanding mortgage is 17K with interest now being added. 7K in rent arrears and c-card debts. 3.5K funeral bill. all together everything comes to about 37k, but that includes my 5k (estimated) solicitors bill. so based on the most recent valuation it should leave about 7k left on the 50% share. the house has a total value of 90K. There is no age restriction set on the property. No judgement has been issued for the rent, but my solicitor told me that the debts were tied to the estate and not me personally. ??. I have the 5k solicitors fee's, the £600 HA solicitors fees, 2k estate agent fee's. I have already had to pay out for redecorating, boiler test, survey fee's. trying to sell this property is costing me money. My solicitor told me yest that the bank would prob look at buying the HA 50% and put it to auction along with my 50%. After almost 2 years I cant take much more of the stress. I just want to know there is a light at the end of the dark tunnel. I didn't ask for this, and yet either way I could be left with 5K solicitors fees. This is now affecting my marriage too. Kind reagrds