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dalgreen
Starting Member
22 Posts |
 Posted - 24 May 2012 : 09:26:07
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I have asked this question in a previous thread, but think it must have gone un noticed.
We had a letter from the trustee's solicitor yeaterday saying that an application for sale and possession had been filed at the court. We do not have the date yet.
My husband and I have decided that we will not contest this on the day, and let the trustee take the house. We have had 2 years of backwards and forwards offers for BI and have not been able to meet the Trustee's demands.
So we have decided to move on and try and put the whole horrible experience behind us.
I need to know now if we should stop mortgage payments, life insurance (only pays the mortgage if one us dies) and the buildings insurance.
I am unsure of the time scale of things, ie court date.
Should the Trustee or solicitor be told of our intentions, so that the mortage company wont persue for payments?
Please can someone advise me on this. |
Edited by - dalgreen on 24 May 2012 09:28:14 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 May 2012 : 09:40:15
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If you are going to be leaving, then I advise you stop the mortgage payments asap, save up your rental deposit and moving costs from this money.
You can tell the OR what you are doing.
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 - 24 May 2012 : 09:45:38
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Thanks Viki.W
How long would it be for the mortgage company to start chasing for payments ? and what do I do when they do ? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 May 2012 : 09:46:52
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If you've never missed a payment, then apart from the letters and phone calls from them, they won't go for repossession for at least 6 months.
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 - 24 May 2012 : 09:52:04
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I am not so sure with Northern Rock (NRAM) !
We have never missed a payment.
I guess if the letters come I can ignore them really, but if the phone calls come, maybe I should tell them ? |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 17:59:36
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I had 3 NRAM mortgages.
They aren't exactly speedy. Although most in the offices were up front and down to earth when I spoke to them.
Know nearly all of them to speak to by now ;-) |
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dalgreen
Starting Member
22 Posts |
Posted - 24 May 2012 : 20:51:30
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| we have settled on the fact that we will pay junes mortgage payment, then no more. In the meantime pack up and start looking for a private landlord. By the time July payment is missed we may well have a court date. |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 21:19:28
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Thats sad.
My main concern after health was my home.
I hope all works out well  |
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dalgreen
Starting Member
22 Posts |
Posted - 24 May 2012 : 21:47:00
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| what is sad is all the affect this stress is having on my health. This is only a house, and only 5 years into the mortgage its not so hard to walk away from really. |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 23:48:50
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When I look back I realise how much effect it had on me, and realise what it must mean to you.
The biggest thing I think we have all come to realise is that once the decision is made its usally a lot easier getting by.
I hope things work out fine for you.
I for one will always chat if you need to 'vent'  |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 May 2012 : 06:27:28
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Good luck from me, hope your health improves soon.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 25 May 2012 : 08:18:32
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I've let a few propertys go due to BR, and although that didn't include my main home, I can honestly say that it hasn't really bothered me, which has been surprising.
I came to terms with it quite quickly, and in a way it was quite a relief.
I hope finding a new place comes relatively easily. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 May 2012 : 08:37:17
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Must admit that keeping my home was one reason I didn't go bankrupt. I'd hate to leave it.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 25 May 2012 : 09:02:36
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I was 'fortunate' in my position that it was in negative equity.
I fought for a long time against BR, and my mortgage companies until I made my decision.
With that wonderful thing called hindsight, I could've saved a lot of money, maybe not gone bankrupt, or at least had a lot of money in my estate to pay creditors if I'd gone BR a lot earlier.
I called my trustee days after their appointment (much to their surprise as they often have to 'chase' people). Opened up an early rapport, and bought back my BI very quickly.
I would urge anyone in a similar position to start dialogue immediately.
quote:
Originally posted by Niobe
Must admit that keeping my home was one reason I didn't go bankrupt. I'd hate to leave it.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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dalgreen
Starting Member
22 Posts |
Posted - 25 May 2012 : 10:35:00
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| To be honest from day one our trustee has seemed un interested in our situation, the OR was more understanding, but in the last 3 years we have been passed through 3 different trustees. Information had been lost along the way we think. This trustee has been on the case since last March. Has sent us letters asking for things the either the OR, or the other 2 trustees already had, we have the documents to show that. This trustee didnt even know the date we were discharged, as he sent a letter asking if we had any windfalls, keeping in mind we had been discharged almost 1 and 1/2 years by the time he took over. The house was in negative equity when we went bankrupt but this trustee said the equity takes affect from his date of knowing, which was virtually 2 years later. I am sure that cant be right, but what little voice we have against the money men ? none ! When we spoke to a solicitor this week, he said, in his words "it looks like this trustee is being very awkward" He also agreed we wouldnt get anywhere with the situation and we must consider putting our selves first. So we have reached that decision. Bricks and mortar out way the importance of being able to smile again. |
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wellerchic
wellerchic
135 Posts |
Posted - 28 May 2012 : 17:12:20
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Hi
Discharged Feb 2010
My home is being passed back to me because of the negative equity however I wished that the OR would taken ownership and take the property. I cannot afford the up keep of the property. I have spoken to the OR who has told me I can sell the property when I get ownership back but surely this is going to cost me and I am concerned about the Neg Equity. Is this automatically covered by my BR when the property sells.
Thank you x
There is light at the end of the tunnel, I can actually see it !!!! |
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Mortgage payments etc
