Help and advice on repossession please!

[Webbo1979]

Hi,

I am in a situation where my house could be repossessed (possibly this coming Monday) and could do with some advice.
I have a mortgage with the Abby and currently paying interest only for the next year and half and also a secured loan with Swift.

The swift loan was taken out when my mother was working (she was recently forced to retire) and my brother was also bringing income into the household (he now is married and no longer lives with us), this now leaves just me bring in a income and my mother who only received her pension credit.

We owe about £66k on the Abby mortgage and with the massive interest on the swift loan about £36k, our house has been up for sale for 3 years with hardly any interest in buying and we have lowered the price of the house as low as it can go to enable us to pay both parties off so I would then be free to rent a place of my own and my mother could possibly get a house through the housing association as she is 67 years old.

At the moment it looks like I will be tied into this house and these loans for the rest of my days and cannot see a way out.

I have had meetings with solicitors and the citizens advice but all that has been advised is how to proceed with court to enable me to keep the house, this will not help in the long run as I am currently paying everything in this property and once the interest only mortgage is placed back up to £560.00 per month on top of swift £360 per month along with other bills I will be left with nothing.

My question is if the house is repossessed, what happens to the debt on this property?

Do they sell it on for a knock down price?

Who has the rights to the money, The abby or Swift?

What happens to the balance on these accounts if they only sell the property for a low percentage of the total balance on these accounts?

Would it be better to have the house taken off me to enable me to rent somewhere else?

If the remainder of the debt is still liable to be paid by me how it would be paid back? and if it is unsecured would it be best if I then went bankrupt?

Sorry for all the questions as I am just trying to find a way out and move forward with my life but cannot get any clear advice as I am not jobless or claiming benefits so there for no legal aid L

Thanks

Col

[dog after a bone]

Re: Help and advice on repossession please!

the house usually go's to auction then out of the proceeds ,i beleive there will be a share out of monies .
highest paid 1'st then down the line,if theres any left you'd maybe get some![this depending upon if a chrging order has been placed on the property,only if a ccj is in-place,and payments on the debt or forthwith order has not been paid]
land reg will inform you if a charge /resriction has been entered in the land-reg records!
hope this helps/gives you an idea of possible action!

i have found that a lot of ideas and advice can be found on the net,but not always that easy to find,remember to look at your situ from both sides and keep records,
if you were paying a debt then stopped and this started the court process,and the ccj was placed you did nothing etc then it's straight forward
[hope i havn't confused you.if any of this is incorrect i an sure someone will point it out]

hope this helps rich in hull [not legally trained]

[dog after a bone]

Re: Help and advice on repossession please!

just to add ,have you tried asking to pay a smaller amount to each party?
if you are able to make a reduced payment and you stick to it . this may help you[once a reduced payment is accepted and you later had to go back to court .say the lenders wanted more] you're in a better position to defend your situ as you have kept to your new arrangement!:beagle:there's always a way!

[Webbo1979]

Re: Help and advice on repossession please!

Thanks mate,

I dont think when they sell the house at auction it will be enough to cover both loans so am really unsure what happens to the balance oweing to the companys.

I have a meeting with welfare tomorrow to try and get some answers, I have so many question just need to know what to do for the best moving forward.

[Webbo1979]

Re: Help and advice on repossession please!

I have tried with swift in the past and its fell on deaf ears and we are currently on intrest only with the Abby till the middle of next year but am just fearing what will happen when that runs out.

I am trapped with these two companys and this dam house, I just dont know if it would be best to just have the house taken away to allow me rent somewhere or just agree a payment with swift and just stuggle only drawing out the sitiuation.

[wales01man]

Re: Help and advice on repossession please!

Sorry to hear of your problem can only give my opinion based on experience we went through repossesion court case was simple plaintiffs solicitor wanted repossesion judge says yes as we couldnt pay give us 4 months then eviction notice comes we go only way to stay pay the debt and start paying again cant do Jan 2009 eviction date 3 in the morning of the day i return take meter readings leave door unlocked with keys on floor they come to reposses change locks week later i go back big note on front door saying house repossesed .Start again in rented accomadation forget what happened best thing to do.2 years later letter from debt collectors demanding shortfall have to ignore this now on benefits cany pay letters coming monthly .In short it will happen if you cant pay we had a mortgage and a second charge of 5k this not paid so debt from house sale is nearky 10k house for 60k below value given by estate agents who valued it in mid 2008 rip off merchants no doubt a fiddle WEre happier now life does go on sorry to be so hard but in reality if you cant pay they will take house and not give 2 unowots about you or your family i hope you can avoid all this but i fear it will happen unless you can pay any way chin up there is life after all this remember all the dodo that happens cos of your money problems can be worked out with the excellent advice and support on here youl get through

[Webbo1979]

Re: Help and advice on repossession please!

Thanks mate,

Although not a nice experiance you went though it is good to hear from someone that has been in a simlier situation.

I am really thinking of just giving them the house to be able to move forward with my life..4 months seems ample time to find somewhere to rent and I can deal with the remaning loan debt after the divy up the money between them at a later date, like you said they can't have what I aint got.

I hate losing out to swift but I think giving them the house frees me form everything, even if just for a while it will be worth it in the long run.

Thanks again for your advice

[enaid]

Re: Help and advice on repossession please!

Hi webbo,
Sorry about your situation, here is another that went through it

Eviction date 23rd Feb Help required to delay - Legal Beagles Consumer Forum

It has do be your decision and do what's best for you and yours and don't think of it as losing, you can not lose if things turn out for the better.
Enaid x

[Webbo1979]

Re: Help and advice on repossession please!

Thanks for the advice Enaid x

I seen this from a link on that fourm about having to pay your morgage and my loan if taken off us till it is sold;

Do I have to pay the mortgage until my home is sold?

Yes. If your home is repossessed or you hand over the keys to your lender, you will still be responsible for your mortgage payments until it is sold. This will include:

• any arrears
• maintenance
• ongoing mortgage and interest payments
• buildings insurance
• penalty charges for missed payments.

Selling your home could take a long time, so the amount you owe could increase considerably, even though you are no longer living in your home. Your lender shouldn't delay the sale if doing so would mean that your debt would increase. Contact an adviser immediately if you are in this situation. They may be able to help you negotiate to keep penalty charges to a minimum. You may also be able to make a complaint to the Financial Ombudsman Service, who can instruct your lender to pay you compensation.


How can this be the case if it is being taken away from you in the first place for not being able to pay...plus paying for rent in a new property?!?

Sounds very harsh as they have just taken your house away....can anyone give me clarity on this matter please

[Webbo1979]

Re: Help and advice on repossession please!

Quick update, we have got 56 days till swift can request a warrent for eviction..they wanted to give us the min of 28 days but the judge said no he was also quite impatient with swift and sympathised with our sistuation, also said could be for the best in the long run.

Gutted had to lose out to that company but hope to have the last laugh as they wont be getting any more money out of me..I have a busy few weeks ahead but hopfully it will all work out for the best.

Thanks for everyones advice