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| Irene.8 |
Posted - 16 January 2011 : 12:16:52
Its finially happened their going to reposses my house, how long do i have and what options can i try and sell it? |
| 5 L A T E S T R E P L I E S (Newest First) |
| Irene.8 |
Posted - 16 January 2011 : 18:09:18
Hi Housing Most you can read on the forum but we went bankrupt 2008 Oct and was discharged 2009, we kept our house as there was no equity, for 9 months we tried to go through the mortgage to rent scheme before we went BR but the secured lender blocked it at every turn, during this time we werent paying either loans which i know now was a mistake ,anyway i got scared and contacted the mortgage provider to start payment they were great changed the mortgage to interest only and after 6 months incorprated the arears into the capital we have been paying it ever since with no problems, the secured lender on the other hand were horrible the wont take anything less than the full mothly payments plus £150 off the arears we paid it for 9 months and were told we had only paid £400 off the arears we just cant afford this so for the past 3 months we have just paid the monthly installments now we have a default notice if we dont pay £7000 arears and repossion in 2 months we dont know why they cant incorporate it in to the capital or if they would accept a lessor amount that we could afford the amount of interest they are charging means we will never get the arears down, there not going to gain anything as their second charge on the property
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| Housing |
Posted - 16 January 2011 : 15:55:13
Good afternoon,
I am not sure that you need a lawyer...
Please set out your position and I will do my best to advise
Housing
"There are no problems - only solutions" |
| Irene.8 |
Posted - 16 January 2011 : 15:00:44
Hi Richard thanks for your reply in answer to you question we have no arears on our mortgage they were great and add our arears on to the capital about a year ago. we have also been paying the secured lender the monthly installment but for the last 3 months no extra towards the arears. I think i should get a lawer but iam scared of running up a big bill as my husband is in full time employment
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| Richard P |
Posted - 16 January 2011 : 12:43:43
HI Irene
Sorry I have just read your previous thread from Novemeber and realised that you have covered all of my points.
Have you spoken to your original mortgage provider, they have first charge on the property, they will have an input at court.
it is likely that if your house is still valued below the price of the first charge, even with solicitors fees that the second charge company will not see any money.
Richard |
| Richard P |
Posted - 16 January 2011 : 12:36:39
Hi Irene
The process can be suprisingly long, they are open to negotiation through out the process.
is the order as a result of non payment of mortgage or equity within the property after bankruptcy ?
non payment of mortgage
at court the Judge will listen to all sides, and then award a 28 or if you provide good argument 56 day possession order.
The bank or mortgage provider then have possession of the property and they can instruct you to leave with notice.
if you have not already done so you need to visit the local council housing department, they will help with after care and finding somewhere for you and family.
again depends on the circumstance you may wish to ask the council to refer you to a mortgage recovery scheme.
it is VERY important that you obtain expert guidance, I would suggest emailing one of the experts to the left NOW so it is on their desk first thing monday morning, some of the experts actually take email communications over the weekend.
good luck Richard |
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