How long could you keep up the mortgage payments if you weren't recieving an income?

Question

I know we'd be in trouble after one month on unpaid leave - how would you fare?

Answer 1

Why would you take unpaid leave if you knew you couldn't afford to? Usually if you go sick your company pays your wages for a set amount of time then you go on statuary sick pay. On the other hand it would be deceitful to claim you weren't getting paid when indeed you were and also fraudulent to make false claims but I guess that would be down to intelligent people, investigators and auditors.

You can't have it both ways and have to live within your means, tough; but life. If you can't pay your mortgage, then sell up, quite simple. Of course it depends where your priorities lie...

Are you always this rude to your answerer's?

Answer 2

Next you'll be telling us the McCanns don't have ANY savings despite their combined salary inexcess of £200,000.

Keep making the excuses Skidoo.

||edit|| Coming from a medical background I know for a FACT that they were on FULLY PAID LEAVE. If you look at my answer above I am saying 'Next you'll be telling us' as you are desperately trying to justify their obscene actions.

Keep fawning over them and keep swallowing the spin Skidoo, it's hilarious what lengths you McFanns will go to.

||edit2|| Oh dear Skidoo you really should refrain from insulting your answerers just because they hold a seperate opinion to you. It does you nore your argument any good. In fact it shows weakness.

Answer 3

I would say after about 30 days of not recieving payments, the bank would be making some sort of contact with you.

you could negotiate with the bank to skip a payment in some cases.

but from the time you stop making payments, till the time the sherrif is serving you court paper from your defaulted loan, is about 3 months, and another 30 to 60 days before eviction notice.

Answer 4

I would delve into my savings.

I would try and get help from my bank/building society.

I would try and get help from family/friends.

I would sell all my belongings.

I would apply for Government assistance and get the interest paid on my mortgage.

Last resort, I would downsize.

The last thing I would do is set up a limited company and ask the public for money the week after my daughter went missing, then assume that I was different to all the other parents of missing children and ENTITLED to it.

Answer 5

If I got unpaid leave I would go on unemployment and start looking for a new job. I would not sit around for 5 months and then go looking at the last moment like most people  do. I would not have any problems making my mortgage. I would take the money unemployment money to pay my mortgage and I have credit cards with zero balances to pay for food and clothes. So I would say 6 months but it would never get to that point.  

Answer 6

30yrs...or just pay off the balance to save money on the interest.

BTW: whats a "shambo"

Answer 7

I don`t have a mortgage but if I did and wasn`t in receipt of income I would either sign on or sell up and explain all this to the mortgagee

Answer 8

Sir Shambos. You will be telling us next that you are a brain surgeon. What medical background ? Your grandad was a ward orderly ? I want to know just what proof you had that they both were on paid leave. Facts man that's what I deal in. Pure and simple facts.  

Answer 9

If youre in the situation you need to speak to the mortgage lender and explain you circumstances have changed and that you will need to come up with a suitable payment plan untill you change your cicumstances.

If you have no income there must be benefits/ tax credits/allowances you can get.

Answer 10

It's better to rent.  You can move when you want without hassles.  Home ownership is a nightmare unless you are rich or handy, with a great job for 30 years.  Done both, and love renting!

Answer 11

If *I* were on unpaid leave in a situation such as that, I would use my brain, not money to help find my child, and downsize, or speak to my bank about a payment break. Not rocket science now is it? lol

EDIT: No need to get personal, I didn't this time. As it happens, I have a pretty high IQ actually, if I wanted to be, and put the effort in, I'm sure I could.

Answer 12

I wouldn't be able to for much longer than a month.  If for some reason I lost my job, I would take any kind of employment (legal) to keep a roof over my head.  People who think they are too good for cleaning toilets when the going get tough need their heads checked.  

Answer 13

Not long, you would go bankrupt then rely on the state for your housing. Yes its not nice and there isn't much dignity in it but that's the real world we live in I'm afraid. There is plenty who have gone down this road, through no fault of their own.

The McCanns had plenty of options open to them, but as seen in the past they are very vain people who's lifestyle and public image comes before common sense. I dont think dipping into a fund to pay your bills which was set up in the name of your missing daughter is the correct thing to do. A lot could argue it's fraud !! :)

Answer 14

I'm like you. I don't have much money saved. So I wouldn't be able to pay very long.  

Answer 15

You should probably take out payment protection cover if you think you may be in danger of redundancy.  Or get a flexible mortgage - we have one with Nationwide, and so long as you have made some overpayments, you can then take a break from paying your mortgage for a few months until you have sorted yourself out.  Hope this helps!

Answer 16

What business is it of yours and why is this appearing in current events?

Answer 17

I don't have a mortgage.

I bought my first house 25 years ago for $25,000.  It was a 3 bedroom frame house with a car port and a great back yard.  We had saved for 5 years to have a large down payment.  We only had to borrow about $10,000, and we paid it off with double payments before we moved.  With a bit of sweat equity and some good timing on the market, we made money on it when we sold it.  Our second house cost us $45,000. Again, we updated, put in some sweat equity, and kept it in good shape with regular maintenance and repair.   We saved the money we would have been spending on a mortgage after the first house was paid off, so we were able to pay for the second house in short order.  I lived there for more than 10 years with no mortgage payment at all.  It sold for almost the same amount as the house I live in now, so I was able to pay cash for this house.  I expect to put about 5 thousand dollars into it in the next few years and a bit of sweat equity to make it "mine."  I live in west Texas here, and the housing market is strong, so I should be able to sell it for what I have in it or make a modest profit on it.

I could have spent far more on my houses, because I would have qualified for much larger loans, but why should I?  Bigger houses are just that much more to keep clean, to heat, and to cool. Everyone always had his own bedroom, and we had a home office/guest room.  What more did I really need in housing?

The thing is that we are NOT rich people.  We are middle income.  My husband is an engineer, and I was a teacher.  We simply don't spend much money, so we are protected more in a downturn.  Most people who know us do not know that we are as comfortable financially  as we are.

I do not owe money on any of my cars.  I do not owe money on my house.  My current investment income covers my expenses.  While I taught, I put the maximum I was allowed into 403B savings.  I have had an IRA deposit every year it was legal for me to do so.  We currently save 2 dollars for every dollar we spend.  We started out broke 30 years ago.  In fact I was in debt for college loans.  We decided early that we would try to save money, and paid our "savings account" just as we paid the rest of our bills.  The weird part is this:  Since we don't identify our self-worth with the expense of our possessions, we are financially able to buy pretty much anything we want or live without income.  I am retired, and I'm trying to get my husband to do so.  I'm in my early 50's and he just turned 55.

Lots of people think that living beneath their means is "no fun," but the key is to define fun not as showing off your new stuff, but as spending time with loved ones.  In the long run, it pays off big time.