our house

[Spent2much]

Re: our house

Are you saying you will NOT try to sell the house? Surely repossession should be avoided at all costs, not least because lenders often auction off your propery for peanuts instead of trying to get full Market value, then chase you for the shortfall for 12 years!

You could get a better offer for your house, why not try to sell it instead?

If the mortgage company let us stay while we sell it we would but its wasted money paying a mortgage that will get repossessed anyway .

[Spent2much]

Re: our house

Then there is the charge on the house which will need paying too, selling costs another £1000 .

If we are going to lose it anyway may as well just let it go now .

[kilasuit]

Re: our house

Honestly if i was in your position the last thing i would think about would be allowing a repossession.

Renting is a shit market and if you have the deeds to a property then by all means do your best to keep it.

Have you thought of getting a lodger at all?? as a lodger would bring in a tax free amount that i stand to be corrected but wouldn't go against benefits (although if it does it would help cover shortfalls in Mortgage payments etc

[Spent2much]

Re: our house

Honestly if i was in your position the last thing i would think about would be allowing a repossession.

Renting is a shit market and if you have the deeds to a property then by all means do your best to keep it.

Have you thought of getting a lodger at all?? as a lodger would bring in a tax free amount that i stand to be corrected but wouldn't go against benefits (although if it does it would help cover shortfalls in Mortgage payments etc

thought of the lot and whatever way we turn the bastard governement take it out of the other hand .

Hubby works a four day market but only brings in about 15 hours pay , because its a four day market we cannot claim income support to help with the mortgage , there is just nothing that will help other than letting it go ,if there was a way we would do it but we haven't got this months mortgage to pay and i don't know what the mortgage company will say .

[PlanB]

Re: our house

Then there is the charge on the house which will need paying too, selling costs another £1000 .

If we are going to lose it anyway may as well just let it go now .

Maybe it's not as simple as "let it go" because the shortfall will follow you for 12 more years Sleep on it and as Vint says reconsider when you have all the facts in front of you

You have a market business but I'm not sure what it is you trade. If it's a market then I guess you'll have a pitch to pay for. You also said you have experience with websites and I wonder whether you could carry on your business trading online with limited overheads and no DWP hassle over 14 hours work per week My mate has just set up an online organic pet food business and she's coining it in. She takes the orders and the money upfront, and then her supplier dispatches the goodies to pooches all over the country afterwards. She's targetted Brighton because of the gay community and their love of dogs and the Pink Pound (2 adults no children) and her business is rocking after just 3 months

[Spent2much]

Re: our house

Many people have managed to stay for years even after having a possession order hanging over them!

When a house gets repossessed, lenders invariably add a lot of charges on top of your mortgage and sell the properties at a lower price, which means a bigger shortfall that they will expect to recover from YOU!

You must have heard repos are always regarded as bargains, often snapped up by investors, lenders want to get the properties off their books as quickly as possible even if this means getting much less from them than they could, after all they can chase you for the next 12 years!

do you think the mortgage company would lower the amount we have to pay off the arrears , at the moment its £30 on top of the mortage which makes it £480 a month, it might not sound a lot to some but where we live we have low incomes and this is expensive especially right now,

I could potentially take in two lodgers which would bring in £100 a week ,but i don't know if it will effect the council tax rebate and we need that to help us out .

The other problem is that we haven't got the full mortgage this month we only have £150 tops , don't know what to do i really don't .

[PlanB]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

[Spent2much]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

we are already two months in arrears we managed to pay last month , but his month is bad once again and our mortgage provider are Kensington who are quite aggressive and i have heard they go for repossession after three missed payments .

When we phoned to make a payment plan we knew we needed a month to get square but they wouldn't allow it .

[Spent2much]

Re: our house

Yes to all of that

Pre action protocol says that lenders musn't repossess a home except as a last resort after all other options have been explored and failed. Tomorrow I'll post up the options a lender must consider first

thank you x

[PlanB]

Re: our house

Kensington was fined £1.25 million by the FSA for not Treating Customers Fairly with mortgage arrears. Trust me they won't want another one of those fines. I'll be back tomorrow with more info

http://www.fsa.gov.uk/library/commun...2010/065.shtml

[Spent2much]

Re: our house

Kensington was fined £1.25 million by the FSA for not Treating Customers Fairly with mortgage arrears. Trust me they won't want another one of those fines. I'll be back tomorrow with more info

http://www.fsa.gov.uk/library/commun...2010/065.shtml

thank you so much feeling better again , i have been in tears because i do love this house but just looking for the best way to survive.
thank you x

[PlanB]

Re: our house

thank you so much feeling better again , i have been in tears because i do love this house but just looking for the best way to survive.
thank you x

If you love your *home* (which is not the same thing as a random house) then you should fight to keep it, just like I would fight to keep an errant husband if I really cared about him

I had a suspended possession order on my home for 12 years and during that time it doubled in value so when I sold it (when it suited me) I paid off the mortgage and had enough money left to buy somewhere smaller once my daughter had flown the nest

I'm planning on upsizing again to fit in the grandchildren but my daughter doesn't know that yet

Please don't let yourself feel intimidated by a lender

[Spent2much]

Re: our house

If you love your *home* (which is not the same thing as a random house) then you should fight to keep it, just like I would fight to keep an errant husband if I really cared about him

I had a suspended possession order on my home for 12 years and during that time it doubled in value so when I sold it (when it suited me) I paid off the mortgage and had enough money left to buy somewhere smaller once my daughter had flown the nest

I'm planning on upsizing again to fit in the grandchildren but my daughter doesn't know that yet

Please don't let yourself feel intimidated by a lender

ha ha you cheer me up so much, its such a difficult time and confusion sets in and the mind is in turmoil wondering which way to turn, but once again this forum has the most wonderful people who want to help and this is why it is so happy and successful.

My husbby is in agreement once again to fight for his castle and i nearly fell off the chair as he actually said to me and this is proof as i am writing this on a public forum so he cannot get away with it , ' i am going to fix the window and do the repairs ' shocking shocking

[Spent2much]

Re: our house

I know one thing though i have never been this confused and made so many decisions and changed my mind so many times in only a few weeks

[kilasuit]

Re: our house

When it regards a family home decisions can change every hour or even every few minutes.

When my aunty and uncle divorced in 1 hours conversation they had gone though no less than 15 outcomes for the home and disregarded them all.

in the end my aunty kept the house under the terms of it was to be a family home for both of their children (now left and settled in their own homes with children of their own) and now under the same agreement is now selling the house and any left over after her purchasing another property is to be split between the kids (for the grand-kids) all that was agreed whilst they had had mortgage arrears as well.


So i know a rarity but still it shows that to fight for it in every possible scenario.


Could you ask the mortgage provider for a short term payment holiday and advise them that you are currently looking into taking a lodger for the short/long term

Do you live in a university town or city as rooms can go quickly especially coming upto september.