Lilly's Repossession

[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

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

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...

[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

£147,000

[vint1954]

Re: Daughter

I think it was £147k Diddles

[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).

[The Tech Clerk]

Re: Daughter

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

Should only be about£300- per month on a figure like that with repayment interest normal


sorry posted before having seen the true figure.

[pezman65]

Re: Daughter

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

Sorry Diddlydee is should have read £147.500 not £47.500, Pez

[diddlydee]

Re: Daughter

Cool, okay pez. Just wanted to check as it could have affected things x

[tastyjane]

Re: Daughter

When my friend was having her house repossessed I went with her to a CAB course - they said there was a scheme where if you had dependants living in a mortgaged house the government would "buy it" and then rent it back. Cant remember all the details but it sounded a great idea if you had children and wanted them to stay in a secure environment. Maybe worth a ring to CAB just to see?

Jane x

[Never-In-Doubt]

Re: Daughter

^^^ Mortgage Rescue Scheme

---> Citizens Advice - Mortgage rescue schemes

[tastyjane]

Re: Daughter

That's it - didn't go down that route with my friend as she was just single and wanted to hand the keys back so I'm not sure how helpful it really is but might be worth a look see?

Jane x

PS she handed the keys back and has never been happier!

[pezman65]

Re: Daughter

^^^ Mortgage Rescue Scheme

---> Citizens Advice - Mortgage rescue schemes

Thanks Mate, will take a look, cheers

[pezman65]

Re: Daughter

When my friend was having her house repossessed I went with her to a CAB course - they said there was a scheme where if you had dependants living in a mortgaged house the government would "buy it" and then rent it back. Cant remember all the details but it sounded a great idea if you had children and wanted them to stay in a secure environment. Maybe worth a ring to CAB just to see?

Jane x

Thanks T Jane, that sounds like a good way to go, at least she will know what her options are, many thanks, Pez