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markm
Junior Member
United Kingdom
115 Posts |
 Posted - 04 March 2009 : 11:22:53
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just to let people know hats happened.
i've been to my bank to tell them what has been going on and ask for help.
they cant believe what the trustee has done, and that they said that they maybe abe to help me.
the only prob is that i am now behind with my mortgage, and i would have to py it up to date before they will help or make a offer of the money.
i also needed two years accounts becouse i'm self employed and a letter from the trustee for a settelment figure. when i called the trustee she said that i need more then the 18k she had previosly stated to me.so i think hey are trying o up the money again!
she is sending me the break down and a settlement figure today so i will let you know the out come as soon as i know.
the bank says the best way is not remortgage but just to get the money as a seperate loan on the house.
the only down side is they may refuse me as bad credit due to the missed mortgage payments.
so i still might have to go else where.
any thought from anyone ?
thanks Mark |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 04 March 2009 : 14:57:12
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| hi, i just got a phone call from the trustee, she has now said that to buy out there intrest it will cost 25k.??? |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 04 March 2009 : 20:10:59
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the trustee says today that i have to pay 25 k, or they will sell my house for 70k.
it is on the markt for 89500, they are just holding my house for ransom.
if they do sell for 70k they say that i would only get 18k for my share of the equity, my house was vauled as 120k in june last year, they got a possesion order and force of sale, they put it on the market for 89500 in dec now they want to take 70 k and leave me with 18k after they pay the mortgage off which is only 28k !
can this be right ?
can they do this ?
mark
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 20 March 2009 : 09:14:14
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Hi all, just updating you on what has happened.
The trustee has said that if i raise 19.5 k that i can have my house back, I have been to my building society, they agreed in principle, but when my aplication got checked by head office they refused the load, they said i passed all the regular checks but when they did the land regestry check it came back that i was not living in the property becouse the trustee has took possesion. They said that is it there rules that if you want a second mortgage that you must be residing in the property.
I'm stuck now, my mortgage wont lend me the money becouse i'm not ocupying the house and the trustee will not let me occuppy till the money is paid.
Any one have any idears?
I have rang a few finance advisors, all they seam to want to do is buy my house for cheap and rent it back to me!
Any one help with any thoughts?
Thanks in advance |
Edited by - markm on 20 March 2009 09:16:43 |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 20 March 2009 : 12:21:46
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| Does anyne know of any finance advisors who could help me raise the 19.500 pounds to pay off the trustee, my house was valued at 120.000 last aug,i have 28 k left on my mortgage. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 20 March 2009 : 14:52:48
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Hi Mark further to our telephone chat, my colleague will be in touch around 4pm this afternoon to help you - she is excellent and i will lave you in very safe hands. Thanks for contacting me direct and i sincerely hope your problems are soon solved. Melanie
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 28 March 2009 : 17:46:59
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Hi all.
I.ve been having trouble to sort a remortgage due to the house being in the possetion of the trustee.
I got a phone call yesterday from the trustee to ask what was happening about the remortgage, when i explained the situation 'that noone will give us the money due to when they do a land reg check it comes back that i no longer am living there and that it in the hands of the trustee'. she said she would ring there solisitor and see if they could do anything about it, she then rang back and said if i raise 10 k and make that a down payment then i could have the house back as long as i agreed to pay the rest as soon as poss.
Then she called back and said that i must raise the full amount, but there solisitor would call the building society and tell them that if i got the money that i would def get the house back.
they said they will call me friday after noon with a dissition before 5.but they did not call.
But now i have had an offer of the money from my father, but i must return they money as soon as poss becouse he needs it for something in the summer.
So i have the money to get my house back but i need to arrange a remortgage to pay him back asson as poss, Does anyone think a should make them a cheeky offer? the trustee seems to be really up in the air changing her mind on stuff and wanting me to get the remortgage.
Thanks
Mark |
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John
New Member
United Kingdom
73 Posts |
Posted - 28 March 2009 : 19:26:03
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Hi mark
these situations are frequently all about negotiation.
Advise the OR that a 3rd party (your father) has offered to introduce funds to enable you to buy back the property. Whilst the funds are readily available he is only prepared to introduce £10K.
See what happens, you may get a positive response or a counter offer which is beneficial to the £19.5K figure on the table at the moment.
All the best and please keep us informed.
John White
England Jackman & Spacey |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 28 March 2009 : 19:40:58
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I knew on friday that i could get 10k, i offered them that, they said that they would take and get the rest later at an agreed time once i was back in the house, then she called back and said that there solisitor said no to that plan, as they would loose there rights to the property if we moved back in.
She then said she would try and get the solisitor to talk to my building society and see if they could sort it out that the keys and the money move at the same time.as my building society will not give extra money on my mortgage due to me not living in the property. but she never called back and left me hanging.
Then my father said i could lend the full amount i needed to get back in as long as i pay hm back asap.
Now i'm thinking that the trustee might be leaving me to stew on it over the weekend. so i might say that i have 15 k and see what happens.
I also need to make sure i can get the remortgage after i settle with the trustee.
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John
New Member
United Kingdom
73 Posts |
Posted - 28 March 2009 : 21:13:07
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Hi Mark
obviously you must do what you think is best.
It would appear that if you were living in the property a remortgage to repay your father should be ok as you have already passed that check.
All I would say is that it is one thing for the £10K figure to be rejected as the rejector believes you can find more. Entirely another for the rejector to be be made a firm offer. Remember if you don't find this money the OR risks getting less.
It's for you to decide but all things considered I'd try for £12K as you can always go for £15K a week or two later if rejected.
Best of luck.
John White
England Jackman & Spacey |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 28 March 2009 : 21:38:21
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Thanks for you advice John.
I'll keep you updated.
I just think its funny that the trustee wanted 36.5k
at first, now they seem to be out for what thay can get.
Is there any time limit for the trustee to sell the property? they have had an order since april last year. so its been a year next month.
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 00:36:44
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Hi Mark
they have 3 years from the date of your wife's bankruptcy to set the sale in motion but no sale has to be completed within that timescale. In this case therefore probably longer than the 3 year period and believe me the property will be sold before then as the value is still dropping and the trustee wants what they can get.
I have just read this thread through from the beginning to refresh ny memory. I would go with the £15K to start as you suggest.
If you don't mind me asking in which part of the country are you Mark?
John White
England Jackman & Spacey |
Edited by - John on 29 March 2009 00:37:07 |
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markm
Junior Member
United Kingdom
115 Posts |
Posted - 29 March 2009 : 13:55:13
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Thanks John
We live in sunderland. |
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 14:03:45
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Hi mark
I seem to remember having asked before now that you have reminded me. Pity, I am in the Dorset area and I would love to sit down with you and go over your case.
I know what the IP said about non co-operation but the fact is that having arrived at what appears to be a reasonable settlement figure of £15K to £20K I very much feel there is an arguement that would stand up to suggest to the OR and the court that your wife's interest in the property is much less than the 50% on which the acceptance of such an offer is based.
John White
England Jackman & Spacey |
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 14:11:17
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Hi
to satisfy my curiosity, which of course you are not obliged to do,
What was the purchase price of the property?
When was it purchased?
How much did you put down as a deposit?
You have already said the deposit money was 50/50 and that you have serviced the mortgage repayments ever since the purchase.
During the interim years from purchase date to now, what proportion of that time was your wife not working?
When she was working what, on average, per centage of the household income was through her income?
If you'd rather not mark, no problem.
John White
England Jackman & Spacey |
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Topic |
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My wife was made bankrupt 4 years ago
