Stay or go

[samsmum]

Re: Stay or go

Hi,sorry for delay in replying. We had no dealings whatsoever with court as we voluntarily surrendered. We told them when we were moving out,they then sold it through local estate agents and just sent us a letter informing us of the sale price. Can't honestly say if we signed anything but think we may have stupidly done so and given them our new address

[Never-In-Doubt]

Re: Stay or go

Can I ask - how did they get your new address? I presume you've linked it by telling your bank which means it'll now show as a link.

Buggery

[PlanB]

Re: Stay or go

The letters basically offer us ways to pay ie lump sum or coming to a monthly arrangement

What a silly letter. Didn't it occurred to them that if you had sufficient money to pay the shortfall in a lump sum now then you wouldn't have got into arrears and been repossessed in the first place

Since they know where you are living you can't hide out, so you might as well reply saying that you are in dire financial straights which is why you were repossessed and your circumstances aren't likely to change in the foreseeable future due to health issues. That's just a holding letter until the picture becomes clearer.

Do you have a copy of your possession summons and did it include a request for a 'money judgement'? If it did and that's in the possession order then that would be the same as getting a CCJ so this shortfall debt won't go SB. Lenders only do this if they predict there will be a shortfall after the sale. It quite often gets overlooked which means they are only entitled to collect the actual mortgage arrears payments due at the time of the eventual sale of the property (not the sale shortfall).

If the court did not make a money judgement then the lender can chase you for 12 years for the shortfall but most decent lenders have signed up to the Council of Mortgage Lenders' Code of Practice which restricts this (voluntarily) to six years.

Did the lender ask you to sign anything when you opted for voluntary repossession or did you simply stick the keys in the post? This is quite important because some try to get you to sign a form which says you agree to pay any shortfall.

That's enough questions for one day

[samsmum]

Re: Stay or go

Hi,yes they write to our new address. The letters basically offer us ways to pay ie lump sum or coming to a monthly arrangement and saying we need to go through income and expenditure with them. I'd be very grateful for any words of wisdom in dealing with this in the least stressful way. Surprise surprise, paying in full is not an option

[PlanB]

Re: Stay or go

Should i ignore Nram or respond in any way please?

Sorry for my slow response. I've got some IT issues at the moment (that's a posh way of saying I've messed up my email system and had to send Niddy a SOS).

So what have you received from NRAM? A letter threatening what exactly?

It may/may not be a good idea to reply. Do they know/write to your current address?

PlanB x

[samsmum]

Re: Stay or go

Will do,thank you

[nightwatch]

Re: Stay or go

just sit tight for now Plan B will no doubt get back to you soon xx

[samsmum]

Re: Stay or go

Should i ignore Nram or respond in any way please?

[samsmum]

Re: Stay or go

Yes we did

[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

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

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 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

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

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