Lilly's Repossession

[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, just valued up at £174,000(WOW)They recon it will go very quick at £169,000,(She will walk away with £6000 after fees) It is now on the market, first viewing tomorrow.We will see how we go. Appointment with CAB and housing on 15.03.13 to look at options re mortgage rescue and renting. Thanks to all who offered support and helped (ND DD and TJ xx, she feels a weight has been lifted with so many options now insteaed of the ballifs and my caravan, Cheers Pez

[diddlydee]

Re: Daughter

I'll keep my fingers crossed that everything goes well and that your daughter gets to stay in her home, even if she no longer owns it.

Just remember that accepting even a lowish offer from a cash buyer or first time buyer might be better than a high offer from someone in a chain (which potentially has more chance of falling through - then back to square 1).

Good luck and keep us posted xx

[pezman65]

Re: Daughter

I'll keep my fingers crossed that everything goes well and that your daughter gets to stay in her home, even if she no longer owns it.

Just remember that accepting even a lowish offer from a cash buyer or first time buyer might be better than a high offer from someone in a chain (which potentially has more chance of falling through - then back to square 1).

Good luck and keep us posted xx

Will do DD and many thanks again xx

[tastyjane]

Re: Daughter

Great news Pezman - I bet she feels better with just having some options; I'll keep my eye on this to she how she gets on and keep my fingers crossed they get the outcome that makes them all happiest, sounds like she could do with some luck going her way.


Jane x

[pezman65]

Re: Daughter

Great news Pezman - I bet she feels better with just having some options; I'll keep my eye on this to she how she gets on and keep my fingers crossed they get the outcome that makes them all happiest, sounds like she could do with some luck going her way.


Jane x

Thanks so much, it is really appreciated, cheers Pez xx

[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, just an update on the situation. The valuation came in at £174,000 but it is on the market at £169,000 to try to get a sale before the court date on 28.03.13 (not much hope I know) The final settlement figures are in from Northern Rock and GE capitol and are £147,389 + £11,000 arrears, the GE secured loan is £9000 so even if it sells at £169,000 it will only just clear the debt with nothing left for my daughter. If the court grant a reposession order on 28.03.13 they will auction it and according to a local auctioner it will fetch between £120-£125,000 leaving a short fall of £40k approx. The CAB have told her that she will still be responsible for that amount and they could make her bankrupt, I cant see why as she has no assetts apart from a £1500 car she uses for work. Northern Rock wanted £200 over the mortgage of £800 making a total of £1000 a month to stop proccedings, this is impossible as she only earns £1200 or so. They did suggest stopping the childrens pocket money of £5 per week (heartless bastards). She is not paying the mortgage at the moment or GE and is saving up for a deposit on a rented house.Just wondered if anyone has any ideas or suggestion, my daughter will be able to stay with us for a short while but that will mean sleeping in the caravan and on the floor. Any ideas will be appreciated, many thanks Pez

[lilly1203]

Lilly's Repossession

***Repossession posts moved from Lilly's Diary thread ( http://forums.all-about-debt.co.uk/s...-s-Repossesion )

i joined today and need some advice. I was widowed in 2010, I have two teenage children to support and my husband cancelled the insurance on the mortgage and so I am also having to pay this on my own, I am only a teaching assistant and therefore do not earn very much, my wages basically just cover my mortgage, I am on benefits which helps. My main problem is the debts I have been left with, some are in my husbands name, some I admit are mine and others including a secured loan are in joint names however I don't remember signing this. I just need advice on the best way forward out of this mess as it is causing me stress at a time I could well do without it.

My Dad has written to all of My late husbands creditors and they are now all written off as he left no assetts only debt. We only have a secured loan in both names which I still have to pay with GE. I have a court date on 28th March for repossesion of our house, the house is up for sale but I dont think it will sell before then so if it gets repossessed they will auction and it will still leave me owing loads. Many thanks for all your help and support, Lilly and the kids xx

[lilly1203]

Re: Lilly1203 Diary

Hi Lilly,
So sorry for your loss too, I was in the same situation once, so I understand what you've been through.
As above, it would really help if we knew the type of debt ie loan/credit card/overdraft.
If you could add that info to each debt posted above we can help you sort it out.

kind regards,
Elsa x

Edited as posts crossed

Hi UCElsa, the debts are credit cards, store cards and the secured debt is a loan for £9000 he took out, I have recently recieved a balance and with interest and charges it is still £11,000 to clear, the mortgage is £147000+ arrers of £11000, the house is only worth £169000 so even if sold at value will only just clear the debt, if they sell at auction I am stuffed.I think I will have to let the house go and deal with whatever comes afterwards. I have listed all the debts at the begining of the blog, they are enforsable due to date but when the house has gone and we move to rented they can whistle, I have no assetts at all apart from a £1500 car I use to get to work. again many thanks, it is good to talk xx

[lilly1203]

Re: Lilly1203 Diary

Hi hun,

This is the second repossession attempt following bereavement that I've seen in the last couple of weeks. Dreadful.
I was wondering about the Government Mortgage Rescue Scheme but I suspect the lack of equity would be a problem. Have a look here just in case:
Citizens Advice - Mortgage rescue schemes

Elsa x

Hi Elsa, I have discussed this with housing and this scheme has a cap in my area and my house is over the cap so no good, thanks Lilly x

[Never-In-Doubt]

Re: Lilly1203 Diary

Can't you try and agree a SPO via consent as opposed to going to court and fighting this...?

For instance can you afford the normal repayment + £x for arrears?

[lilly1203]

Re: Lilly1203 Diary

Can't you try and agree a SPO via consent as opposed to going to court and fighting this...?

For instance can you afford the normal repayment + £x for arrears?

Hi Niddy, I have tried to negotiate but they will only accept the normal payment of £800 plus £200 on the arrears, they really have been horrible. They still phone up and ask for my husband, they still send letters to him and when I told them he had died they send letters to him with (Deseased) in brackets. The last time I spoke they suggested I stop the childrens pocket money of £5 per week, they are still both in full time education, Thanks Lilly x

[Never-In-Doubt]

Re: Lilly1203 Diary

How awful

Can I ask, are you saying you can't afford the £800 + £200 arrears? For example did you offer £800 normal payment + £any arrears? If so how much?

[Undercover Elsa]

Re: Lilly1203 Diary

Have you checked this site out Lilly? It's a charity that helps with repossession cases: http://www.hrac.org.uk/index.htm

[Undercover Elsa]

Re: Lilly1203 Diary

An example case history from there:

In this case, a couple whose circumstances had deteriorated very rapidly, and were showing no sign or recovery in the short term, accepted that they had no alternative but to sell the property, after we had thoroughly explored their affordability going forward. Their Lender however was not willing to provide them with the time to sell the property and had imposed their previous suspended possession order and therefore, an eviction date was set.
We applied emergency procedures, to have their case re-considered and as a result of our submissions to the judge, it was ordered that the Lender provide them with a minimum of 6 months within which to achieve a sale, while they remained at home, in the property. They advertised their property at a realistic price and have already secured a buyer and are therefore set to move to a smaller property, without ever having been evicted.

[lilly1203]

Re: Lilly1203 Diary

How awful

Can I ask, are you saying you can't afford the £800 + £200 arrears? For example did you offer £800 normal payment + £any arrears? If so how much?

Hi Niddy, yes have been struggling for a couple of years really, since hubby died and I went down to 1 wage it has been very hard. I feel guilty about the children and try to make life better for them but at a cost, I have been short on the mortgage at birthdays and christmas and it has come back to bite me, and as my dad says its crap but the world dont owe us any favours, he has been great but he is on a pension and struggling himself.I think we have both come to terms with it and realise its time to let go and move on. I have not paid the motgage for the last month so I have a little towards a deposit, there is a rented house close to where I live and the childrens schools so all is not hopeless I will see if I can get that. I have had great support from you and the guys on this sight and this has kept me going. The CAB are comming to court with me on the 28th to try to get a little time to sell the house for a decent price so they dont come after me for the balance, even if they do I aint got nowt so they can whistle. Again many thanks and I think you are all wonderful Lilly xxx