Home repossessed now got buyer what do i do?

[madmaria43]

Hi
I wonder if someone can help me with this because i dont know were i am at at the moment as my situation has got really confusing.
My home was repossessed by my lender in june. However my house was still on the market with an estate agent. The estate agent has got a buyer for my property and i accepted his offer as it covers what i owe the lender and it is proceeding. However i dont know were i stand in all this now as i had a letter yesterday saying my home was going to be repossessed again by another lender who had bought the debt. I am so confused am i actually allowed to find a buyer or even accept an offer on it. Please help i am so confused with all this. I will add that i have a mental illness which makes everything difficult to unddrstand thank you in advance.

[Diana M]

Re: Home repossessed now got buyer what do i do?

My home was repossessed by my lender in june. However my house was still on the market with an estate agent. The estate agent has got a buyer for my property and i accepted his offer as it covers what i owe the lender and it is proceeding. However i dont know were i stand in all this now as i had a letter yesterday saying my home was going to be repossessed again by another lender who had bought the debt. I am so confused am i actually allowed to find a buyer or even accept an offer on it.

Hello

When you say your home was repossessed in June, do you mean there was a court hearing which resulted in a Possession Order whereby you had to give up the property by a deadline (maximum 42 days)?

Or was there a Suspended Possession Order allowing you time to sell the property if the court was aware it was on the market?

Either way were you actually evicted from the property and now living elsewhere?

Were mortgage payment arrears the reason for the repossession, or did the lender seek possession because the original mortgage term had expired?

I ask that last question because you had another thread a year ago where the expiry of your mortgage term was an issue especially as it came as a surprise (you thought you had a 15 year term not 10 years).

i have an interest only mortgage which is not in arrears however the term was up on the 21st of this month and i have no way of paying it off.
I informed the lender 12 months ago that i had put the house up for sale and of the situation and asked them to extend the loan term by another 5 years or whatever they could but they refused . I asked what my options were they said i none and that once defaulted it would go to court they would repossess the house and numerous charges and interest and evict us and auction it to pay the debt. However if there was a shortfall i would be still liable for this.
I asked if we could try to sell it ourselves and continue to live in the house and carry on paying the interest until it was sold they said no to this too. We are still paying the mortgage payment every month by standing order and not in arrears.
I just wanted to know that when it goes to court could i ask the judge to do any of these things and if they have the power to make the lender allow us extra time or is it just a matter of letting the process take its course and how long does it take. I just want to know what to expect and what to do or say in court because i am out of my depth here and going out of my mind with worry and dont know what to do.

There is very little equity in the property and it was always an interest only mortgage with this company. I really screwed up because when we remortgaged i thought it was for 15 years but when i checked it ws only 10. I trusted the broker and didnt read what i was signing. I feel like such a fool. But its done now no one to blame but myself. I just wanted to know if the judge had the power to extend the term of the mortgage or allow us to stay till it was sold.

Link > http://legalbeagles.info/forums/show...827#post579827

If I'm barking up the wrong tree let me know.

Who was the original lender and who do you believe may have bought the loan?

Di