Repossesion 8th April 2014

[Peter pistoe]

Re: Repossesion 8th April 2014

PB 😃 hope you had a great weekend.
No they don't have her new address and she's not very forthcoming with any info,
she dosnt want anything to do with it, I'm dealing with it all.
If they did send her a pack it would of gone to the old address 😀
The BOI rang me chasing the pack yesterday, said I'll have it back this week.
Just need to get this response letter back soon....

[PlanB]

Re: Repossesion 8th April 2014

No they don't have her new address and she's not very forthcoming with any info,
she dosnt want anything to do with it, I'm dealing with it all. If they did send her a pack it would of gone to the old address.

Where does the lender think your ex-partner now lives? In other words what is her 'last known address' as far as the lender is concerned? Does the lender believe that you are both still living together at the secured (i.e. mortgaged) address?

I know you communicate with the lender via email but what address is/was on the court papers regarding the SPO and Eviction Warrant?

This matters because creditors can take action based on 'last known address'. They are asking you to sign a declaration that says you will pay any shortfall after the sale of the property which is in negative equity. At this moment in time both you and your ex are solely and jointly responsible for that debt. And in the case of mortgage shortfalls that can be chased for up to 12 years.

I know you say you are dealing with it and your ex doesn't want to have anything to do with it, but in my view you still need to safeguard your legal position without necessarily ruffling any feathers with your ex.

It's a big responsibility for you to take on although I'm aware that you have considered bankruptcy which means you could dump the debt (mortgage shortfall) in your BR. However you may need to check whether the lender could still come after your ex for the shortfall in those circumstances.

I know you're itching to send a letter to your lender but it needs to be the right letter

[Peter pistoe]

Re: Repossesion 8th April 2014

All her mail goes to the mortgaged address still. I just let her know what's going on, she can't deal with it all. She's well clear that if I went BR they would chase her for shortfall.
The boi know we live apart and know the properties vacant now.
im willing to pay the shortfall by instalments if it's sold by me making it a loss of around £1000 ish. I don't feel I should commit to anything yet tho as I want to see this sale through, and not let them take it, and sell it at a potential bigger loss .
I want something more than just a apology from them over their F UP

[Peter pistoe]

Re: Repossesion 8th April 2014

Well it looks like game over
Just found out my buyer has pulled out! Don't now why yet? Agent can't get hold of them...
Ah well I tried, it's back on market but I think the bank will go straight for house now, any advice would be much appreciated.
Peter Pisedoftoe.

[PlanB]

Re: Repossesion 8th April 2014

Just found out my buyer has pulled out! Don't now why yet? Agent can't get hold of them...
Ah well I tried, it's back on market but I think the bank will go straight for house now.

Bugger.

Are you sure the buyer has pulled out or is he unavailable because he's busy? Did the agent say he's withdrawn his offer and why?

If the agent isn't under any obligation to disclose this information to the lender then ask him to keep his mouth shut for now while he pulls out all stops to get you another cash buyer. Any reason why you can't alert another agent to join the hunt?

Send a letter to the lender in response to your complaint letter. Tell them you are pleased that they have admitted to their procedurals errors but you are disappointed that they have not made you an offer of compensation since your current circumstances would have been different if they had done what they should have done. Request a Final Response so that you can refer the matter to the FOS as a matter of urgency. Do not discuss anything over the phone.

Whatever happens next you will have laid a paper trail and got the complaint referred to the FOS which they will have to investigate even if the property is fully repossessed in the meantime. Hopefully while that FOS investigation is going on the lender should back off even at this late stage. DO NOT TELL THEM THE SALE HAS FALLEN THROUGH.

Now for the Negative Equity Pack. You say the shortfall is likely to be only £1,000 which is not massive especially if you can get some of that written-off as part of a compensation deal. Since your sale has fallen through things have changed. Maybe you should send it back signed so that they will have no more further questions/concerns until they realize the house hasn't been sold. Tell them that they need to send your ex-partner's copy to her address which you should have no qualms in giving them. The worst that can happen is she might phone you to say she's cross because you have already told her you'll take care of things. Perhaps you need to explain that if she doesn't sign it the property will be seized by the lender and sold at auction for a pittance creating a much bigger debt. Emphasize that the lender could still come after her for the shortfall regardless of your private arrangement.

Get that little lot in today's post if you can. Date the letters yesterday before you heard the sale had fallen through.

Chin up, it's not Game Over yet

[Peter pistoe]

Re: Repossesion 8th April 2014

Sent the reply last week. Didn't request a final response but made it that I was unhappy and asking them more questions.
I said I'd send the equity pack last week, I haven't yet.
Not sure I should yet PB as this could develop into a bigger loss if they get their hands on it? I just need to stretch it out somehow and hopfully get another buyer on board

[PlanB]

Re: Repossesion 8th April 2014

Sent the reply last week. Didn't request a final response but made it that I was unhappy and asking them more questions.
I said I'd send the equity pack last week, I haven't yet.
Not sure I should yet PB as this could develop into a bigger loss if they get their hands on it? I just need to stretch it out somehow and hopfully get another buyer on board

Okay I follow your logic.

If the lender wants to seize the property they'd need to issue another Eviction Warrant and the whole cycle would repeat itself only this time the FOS could be breathing down their neck. Except I've read the correspondence you sent me from the bank which says you've told them that you are no longer living at the property so be aware that they could go for *abandonment* (I need to double check that).

If you can get another offer on the property while you continue to exchange correspondence with your lender then all well and good. Can you involve more estate agents to increase your chances? Why not get a friend to view it through an agent and make an offer (offers aren't legally binding in England only in Scotland).

Once that's done and you have a letter from the estate agent to confirm the offer your friend can evaporate. I do this all the time for my mates. You'll then have something to send the lender if they start to get agitated. You can tell the agent that even though you have an offer you wish to carry on marketing the property in case the deal falls through.

If you were paying the monthly contractual payment then you would be in a safer position but I fully understand that's not an option.

[PlanB]

Re: Repossesion 8th April 2014

Sent the reply last week. Didn't request a final response but made it that I was unhappy and asking them more questions.

. . . . I just need to stretch it out somehow and hopfully get another buyer on board

Your lender acknowledge your complaint on 3rd April so you can refer it to the FOS (where it's already been logged) on 29th May (i.e. soon). After 8 weeks you can go direct to the FOS with or without a Final Response which is one way to stretch it out.

[PlanB]

Re: Repossesion 8th April 2014

hopfully get another buyer on board

It's the Isle of Wight Music Festival next month where the area will be heaving with moneyed people who may fancy a second home or bolt-hole on the island etc. Why not get some flyers done with pictures of the property to distribute. Maybe arrange an Open House viewing that weekend (12th - 15th June). All of rock royalty and their hangers-on will be there for those few days. They'd be cash buyers too Get your agent to set this up.

It's a shame your property isn't furnished (or is it?) because you could rent it out for a small fortune to festival goers. All accommodation is sold out at the moment.

https://www.isleofwightfestival.com/home.aspx

[Peter pistoe]

Re: Repossesion 8th April 2014

Hi PB,
Just seen these last posts!
Good thinking but bit late in day now for me, festy this weekend.
Had a letter today asking for 10k in 7 days or they going to reposes. Still not got a buyer might have an offer tomorrow but looks like that won't matter now. As far as I know they don't know the sale fell through? I've been ignoring them so far since the sale fell through.

[Peter pistoe]

Re: Repossesion 8th April 2014

Hello ppl,
So the house was finally repossessed today
I guess I'm moving on to a different fight with them now....
Any advice from you beautiful ppl on here what to do next? Or do I just forget about it untill they've done their bit and they come after me for the shortfall, costs etc
Thanks in advance

[cymruambyth]

Re: Repossesion 8th April 2014

I am sorry to hear that this has happened. I can't help, just didn't want to ignore you. I am sure PlanB will be along later and will be able to offer help.

[Peter pistoe]

Re: Repossesion 8th April 2014

Thanks cymruambyth, lots of mixed feelings today.
It's done now, move on

[Pixie]

Re: Repossesion 8th April 2014

Thanks cymruambyth, lots of mixed feelings today.
It's done now, move on

That's the attitude to have Peter...

Sorry I can't help you either

[PlanB]

Re: Repossesion 8th April 2014

So the house was finally repossessed today
I guess I'm moving on to a different fight with them now....
Any advice from you beautiful ppl on here what to do next?

I'll be around tomorrow when we'll see what can be done.

Try to focus on the good that can come out of this. For starters you said that once the house was gone your ex-partner would not suffer any more Housing Benenfit issues. At least that means your children will have a roof over their heads. Now we need to find a way to get you a roof over your head.