Lilly's Repossession

[Never-In-Doubt]

Re: Daughter

See below......

He left her with a mortgage of £147,500 and a secured loan for £9000. The house is being valued tomorrow (approx £160,000 I think).

[vint1954]

Re: Daughter

I think it was £147k Diddles

[Never-In-Doubt]

Re: Daughter

£147,000

[diddlydee]

Re: Daughter

Is the mortgage only £47,500? If she is paying £800 per month that is ridiculous for a mortgage at that level.

[Never-In-Doubt]

Re: Daughter

If you got the house on the market and then get it sold, your mortgage would get first dabs as first and primary secured lender and anything left after legal fees etc would go to the second charge so once you get it sold, pay it all out and whatever is left short to the second charge - tough!

As you say, on the other hand she could just post the keys back and walk away - it's really up to her. There is no guide book sadly, it's a case of each to their own.

Best of luck, whatever she decides...

[pezman65]

Re: Daughter

That sounds like not a bad idea and not bad thinking to have.... at least she can then save a bit like you say!

Good luck

Thanks Niddy Mate, Just wondered, If the valuation comes in at £160,000, the amount owed is £147,500+, plus the £9000 from GE, if you look at fees etc there is going to be nothing left. Would there be any repercussions if she just walked away and came to live with us for a while and leave them to fight over it. They have all being very unhelpfull, in fact they have at times being downright horrible to her, phoning up asking for her husband even though they know he died, sending letters to him with (deseased) in brackets on the envelope, everytime they call her they keep asking why she is in this situation and she has to explain all over again, all very difficultt for both my daughter and the children. I really would like her to start again and leave them to sort it between them, what you think? any dangers in this approach, cheers Pez

[Never-In-Doubt]

Re: Daughter

That sounds like not a bad idea and not bad thinking to have.... at least she can then save a bit like you say!

Good luck

[pezman65]

Re: Daughter

Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

Best of luck/.

Yes, I think she has come to that decision, just wondered wether she should stop paying mortgage now, also stop the GE loan payment, that would enable her to get a deposit together for rented property, cheers Pez

[Never-In-Doubt]

Re: Daughter

Maybe, based on the above, selling isn't such a bad idea - at least she can then have some form of life and provide for the kids.....

If she sells then she can stop paying the secured loan - the lot. They cannot get blood from a stone and with no assets then they can't do much - period!

Just saying, sometimes it's best all round to sell-up if affordability becomes an issue, ie a couple ending up a sole mortgagee.

Best of luck/.

[pezman65]

Re: Daughter

Well we pay £1500 per month for ours..... it's fucked. We could rent a bigger house than we have for £900 in the same village.

But I understand the reasoning behind £200p/m arrears.... that is what I hinted at above (ie a large amount).

She only earns £1200 (inc widows benifit) a month so there is no way she can pay the £200 a month they want. She pays £800 mortgage, £150 to GE for the secured loan with GE, then CTax - Elec and Gas etc etc then of course the kids eat and need clothes (how dare they)LOL, cheers mate

[pezman65]

Re: Daughter

ouch what an awful situation to be in....

However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

So depends on her situ and what she wants to do; depends on the options available and how to go forward.

Hi Niddy, thanks for the reply, she has resigned herself to having to sell but wanted to keep control of the situation herself rather than have it reposesed which may mean she still owes money after they sell, especially if they sell at a low price, she wants to pay off the £9000 if possible. We are getting a valuation tomorrow and will put it on the market asap. Thanks for the advise we will ask for time to sell and see what happens. Cheers Pez

[Never-In-Doubt]

Re: Daughter

Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra £200 a month to cover arrears as well as the £800 she normally pays, cheers Pez

Well we pay £1500 per month for ours..... it's fucked. We could rent a bigger house than we have for £900 in the same village.

But I understand the reasoning behind £200p/m arrears.... that is what I hinted at above (ie a large amount).

[Never-In-Doubt]

Re: Daughter

ouch what an awful situation to be in....

However, if your daughter has had a valuation and is looking to sell-up then within the claim form for the PO she'll be able to say that she's selling and request time to sell - as there is positive equity the court may allow 6 months or so to sell, however it's always best to get it on the market BEFORE the court date as they're more likely to be accepting to your case if the house is already up for sale.

Sadly, unless she can come up with a good repayment proposal for the arrears (a couple of hundred a month) then the PO may well be awarded regardless of the fact the courts shouldn't rush in with such decisions (possession) when there are children involved - sometimes they have to, if for instance there is no possible way to repay the arrears.

So depends on her situ and what she wants to do; depends on the options available and how to go forward.

[pezman65]

Re: Daughter

I'm not an expert either but have Northern Rock been informed of the circumstances and was it a joint mortgage?

Hi MrsD, Yes they are fully aware and have been no help at all, they refused all offers she has given them stating they want an extra £200 a month to cover arrears as well as the £800 she normally pays, cheers Pez

[pezman65]

Re: Daughter

I am not the best person to help, but I'm sure someone will come pop along soon to assist.

I do need to ask though, was there definitely no life cover for the mortgage? Did her hubby have any sort of pension?

These things are often forgotten in times of grief.

xx

Hi Diddlydee, thanks for your response, he had cancelled the life cover without telling her, and he had no pension at all. There was no savings and the funeral was done via berevement benifit. Cheers Pez