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dalgreen
Starting Member
22 Posts |
 Posted - 15 May 2012 : 13:04:12
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Hi
I am hoping there is someone who has got to the same stage as us, or maybe someone with some advice.
My husband and I went bankrupt on the 15 July 2009, we were discharged in Jan and Feb 2010.
We are now waiting on a letter for a court date to arrive (trustee solicitor has said it will be next week sometime) for the trustee to gain vacant possession of the house. I am on the understanding that this could be a month from the date of the letter.
We have sought advice from an independent mortgage advisor to re mortgage the property to raise £15,000 agreed with the trustee at the start of last year to buy back the interest. We spoke to the mortgage advisor over the phone on the 3rd may, but on the understanding he did nothing until after the bank holiday, so we are assuming he started work on this on the 8th may. After chasing and finally getting a hold of him on the 11th May, he basicly told us "don't call me, I will call you". As of today we have still heard nothing and feel a bit unwelcome to call him again. He by the way only has a contact number for us, no address, and only verbal recognition of our financial situations. Is this slow ? do you think he is dealing with our case adequately ?
I think we have fairly realised ourselves that we are going to lose the house.
What do I do about the mortgage re payments ? Do I stop paying as from the next due date 1st June ? We need to start looking for a private landlord, as I understand from reading posts on here an agency wont touch us, even two and half years after discharge. There is no way we can continue to pay the mortgage and save up to £2000 for deposits etc to rent. We know the local council wont help us, as my Husband works and our children have left home.
Can anyone help with some advice re the mortgage broker and the mortgage payments ?
My husband payment order comes to an end on the 1st August ( I wasn't put on one)
So after 3 years of not knowing what tomorrow is going to bring, this is the final climax of the situation. I am currently at my whits end with worry, and looking for closure.
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James Falla
forum expert
45 Posts |
Posted - 15 May 2012 : 13:19:49
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Hi Dalgreen
If you are resigned to the fact that you will have to hand the house to your Trustee, then you can stop paying the mortgage straight away. The mortgage company could not start forced repossession proceedings for c3 months so you have plenty of time to look for alternative accommodation. You can absolutely save the mortgage money to use for a deposit on a rented property.
It is not correct to say that letting agents will not touch you. You simply need to be honest and tell them that you have a poor credit rating and might fail their credit check. However tell them that you are up to date with your mortgage payments and can afford the rent. They may well be prepared to take you on. Or they may need a family member to act as a guarantor for the rent.
If the house is repossessed by the mortgage company there may well be a shortfall of the mortgage after the prpoerty is sold. However this would not be an issue as this debt can also be included in your bankruptcy estate as it is a contingent debt (even though you have now been discharged for c2.5 years).
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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dalgreen
Starting Member
22 Posts |
Posted - 15 May 2012 : 13:24:52
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| Thanks for the advice, Now I guess its trying to decide how much longer we can give the Mortgage advisor ? |
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Kelly O
forum expert
United Kingdom
27 Posts |
Posted - 15 May 2012 : 13:43:00
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Hi dalgreen
You could pop over to our sister site www.iva.co.uk and contact the mortgage advisor Ryan he may be able to advise you further.
Click on ask a question and fill in the form and he will get back to you
All the best
Kelly Osadare CertDR
www.melaniegiles.co.uk
If you would like any help or advice on any aspect of your debts do not hesitate to contact me.Debt Advisory Manager for Melanie Giles www.melaniegiles.co.uk |
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dalgreen
Starting Member
22 Posts |
Posted - 15 May 2012 : 15:37:35
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Thankyou Kelly
I have sent a msg off in the last hour, hopefully someone will get back to us soon. |
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dalgreen
Starting Member
22 Posts |
Posted - 18 May 2012 : 20:39:13
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We have been in touch with Ryan, and all I can say is what a great man, in the last few days he has lifted so much from our shoulders. His advice has been invaluable. Thankyou VERY much for pointing us in his direction.
To fill you in on the position right now, and after taking advice from Ryan...
Our Trustee agreed last year to us being able to re mortgage by June 2012 to raise £15,000 to buy back the BI.
We recieved a letter in Nov last year asking us to prove how we were going to re mortgage, he knew in the original agreement we could not re mortgage until our 5 year term with Northern Rock (NRAM) had expired in June, so we were unable to prove anything until we could start the process of re mortgage. It stated if we could not prove it, he would have to appoint a solicitor to secure his interest.
We took on board a mortgage advisor, who it turned out, seemed to waste 2 weeks of our worry time on something he perhaps should of known we could not do.
We recieved a letter from the trustees solicitor on the 7th May this year, asking us to prove/phone them within 7 days or court proceedings would commence.
My husband spoke to them over the phone on the 9th May, explaining we were in the process of applications for a re mortgage with an independent mortgage advisor, and was informed a court application was going in by the close of the week 18th may regardless.
We then found out at the start of this week we are unable to remortgage, due to our finacial position and it being only 2 and a half years since discharge, the requirement was 3 years.
We have however been able to raise £12,000 part of which from family and good friends, without getting into debt AGAIN.
This offer was put forward to the trustee yesterday 17th may, of which by the close of business last night he had responded with a refusal.
Asking us to raise the offer (no amount mentioned) and if this couldnt be raised by the May 31st then they would apply to the court for a possession and sale of the property, so this suggests the solicitor wasnt informing us correctly, as we thought this was already in process.
We responded with the fact that we are only able to offer £12,000 without incuring future debt, and if that wasnt acceptable then we would have to wait for the court date, and hope the Judge would be more understanding.
All corresponence with the trustee has been dealt with by email.
As of now, we have had no response.
We do however think that the Trustee is trying some form of bully tactics on us, all be it for the sake of £3000.
I shall of course keep you updated on the progress, and for me, attempt to have a stress free weekend, if thats at all possible.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 May 2012 : 09:35:41
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I wish you best of luck, please keep us updated.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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dalgreen
Starting Member
22 Posts |
Posted - 22 May 2012 : 19:58:22
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We recieved an email back yesterday, saying the contents of the last one we sent are noted, and it has been passed onto their solicitors, who will be in touch shortly.
No Idea what that means?
dosent say they have or have not finally accepted our offer. Not fair, we are still in limbo! I can't understand why this trustee cannot be straight with us. |
Edited by - dalgreen on 22 May 2012 20:00:20 |
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year 2029
Average Member
590 Posts |
Posted - 22 May 2012 : 20:06:04
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I know they have to try and realise the maximum amount they can from your estate, but I'm guessing they will be seriously considering your offer.
Out of interest, is £15k a reasonable amount of equity left in your property? Or does that take into account selling costs?
Also, from personal experience, it takes ages for reposession.
Even after a court order had been gained, I was still given the opportunity to try and reverse my predicament.
That took in all about 9 months from when I stopped paying the mortgage. |
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dalgreen
Starting Member
22 Posts |
Posted - 22 May 2012 : 20:30:41
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the 15k was agreed last year, for us to raise by june 2012. They wanted 25k which was 100% of the equity. At the time we consulted a solicitor and he said offer to agree to try and raise 15k, of which we did, on the understanding we were able to re mortgage (mortgage broker led us to believe we could) we found out we couldnt, and have only been able to raise the 12k.
So I can only assume one of 2 things now, 1, they have accepted and the the solicitor needs to finalise things or 2, they have instructed the solicitor to proceed with the court hearing. Either way we are resigned to both sides, and hope we have a say in court. The hardest bit is not knowing what is happening. We have put our lives on hold waiting to hear what is happening, we cant even make plans for next week at this rate. We are not being given very straight answers.
We have no idea how long the process of sale and possession will take. We are keeping up with the mortgage payments hoping the 12k will be accepted. |
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