Lilly's Repossession

[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

[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

[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

[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

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

[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

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

[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

[pezman65]

Re: Daughter

^^^ Mortgage Rescue Scheme

---> Citizens Advice - Mortgage rescue schemes

Thanks Mate, will take a look, cheers

[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!

[Never-In-Doubt]

Re: Daughter

^^^ Mortgage Rescue Scheme

---> Citizens Advice - Mortgage rescue schemes

[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

[diddlydee]

Re: Daughter

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

[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

[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.