Stay or go

[Never-In-Doubt]

Re: Stay or go

Any more thoughts or suggestions on this please?

I'd suggest you do what is right for you - whatever that may be. Whatever gives you the best outcome for a peaceful and easy life.....

[pompeyfaith]

Re: Stay or go

With the house being in negative equity have you thought about seeing what it is worth renting it out? Because house prices are on the rise again so you could see it coming out of negative.

You maybe be able to earn enough in rent to meet the mortgage payment and pay a bit extra to pay down the arrears and other debts all swings and roundabouts I know and the rental will depend on many things like condition of house, amenities shops bus routes nearby etc

If there is a collage/university nearby you could even rent the rooms out as a shared rental which could bring in even more.

Worth looking into aswell and finding out the rental value.

[samsmum]

Re: Stay or go

Thanks for the replies. Unfortunately we would only be able to rent the house out for about £450 pm which is nowhere near what the mortgage will cost. The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

[fluffystuff]

Re: Stay or go

Thanks for the replies. Unfortunately we would only be able to rent the house out for about £450 pm which is nowhere near what the mortgage will cost. The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

A little bit of good news for a change, someone's watching over you.

[PlanB]

Re: Stay or go

The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

Yay !!

I'd like to say NRAM are doing this to be philanthropic but the fact is they're doing this because Pre-Action Protocol says they must.

I told you so!

[Undercover Elsa]

Re: Stay or go

Thread moved to Debt and Housing section which is more appropriate

[PlanB]

Re: Stay or go

The good news however is that we received a letter today from Nram and they have either had a change of heart or made a mistake and allowed us to pay interest only until June 30th 2014. This now makes it affordable for almost a year and gives us some breathing space.

I'm going to ask samsmum to update this thread so we can deal with the next stage away from her unsecured debts

Hi. Been a long time i know.Hope everyone's ok. Had a very black period but time to put it behind me and move on. Since i was last on here we've had the house repossessed and are now living in a much cheaper but ok rented property.

. . . We also have a mortgage shortfall of £12,500 and a secured loan of £8,000 chasing us. Good to be back. Have looked in many times but only just plucked up the courage to return

[samsmum]

Re: Stay or go

Thanks PlanB. Our house was repossessed in April and we are now living in rented property and have no assets. We have a mortgage shortfall of £12,700 and a what was a secured loan balance of £8,500. We're getting loads of letters and phone calls at home and work from Nram and would like advice on the best way to deal with this please. We can afford a small monthly repaynent on both if this is the best way forward. Many thanks

[PlanB]

Re: Stay or go

Can you tell me a little bit about how you came to be repossessed because that could make a difference as to how you handle this next step. Mortgage lenders have a duty to treat you fairly, and if they didn't then a complaint can be made and then off to the FOS with them which will take months and months which will give you some breathing space.

Did you go to court where the DJ ordered you to give up possession, or was this an 'assisted repossession' where the lender gets a suspended possession order but allows you to sell it through your own agent at your own speed (within reason), or was it a voluntary repossession where you hand in the keys and walk away so the lender disposes of the property at auction?

There's no hurry to answer these questions because NRAM can't get blood out of a stone so let them rant until they run out of steam and wake up to the fact that you haven't got the money. Was the secured loan with Kensington?

I see no reason to start paying them a penny. In fact knowing what I do about NRAM I see no reason to pay them at all ever. Let's aim for that.

[samsmum]

Re: Stay or go

We struggled for years trying to hang on to the house and had a couple of periods where we paid interest only. This was due to end in June but when we started getting letters early on in the year saying we should start preparing for the rise in payments we just decided we didn't want to have the stress any more. We started saving a deposit for rented property and voluntarily surrendered our old home. Yes the secured loan was with Kensington. They're very quiet up to now to be honest

[PlanB]

Re: Stay or go

voluntarily surrendered our old home.

Okay that all makes sense.

Let's get them off your back while we do some number crunching.

The idea is to challenge whether you really owe NRAM £12,700 if they sold your property below market value.

[samsmum]

Re: Stay or go

We had the house valued at £97,500,they put it up for sale at £99,995 and it sold for £95,500 so guess i can't really complain too much there

[PlanB]

Re: Stay or go

Okay maybe we can cross that argument off the list and look at whether NRAM sold you the right product for your circumstances in the first place. Did you get this mortgage through a broker?

[samsmum]

Re: Stay or go

Yes we did

[samsmum]

Re: Stay or go

Should i ignore Nram or respond in any way please?