Tweet
Hi
I am in a very strange situation and I'll try and keep it brief.
My private house fell into disrepair early this year and I couldn't afford to fix it. I had no heating or hot water. I had to move out and find somewhere to rent.
I notified my lender, at that time, and asked if I could sell the house privately. They (GE Money) agreed and I found a cash only investor/buyer through an estate agent who was ready to buy immediately.
Unfortunately, the house is in a negative equity situation and there is a large shortfall. I wrote to GE money and asked if they would accept it in full and final settlement. They declined.
My proposal to contribute
towards the shortfall was to enter into an IVA. GE Money declined that too, although it hasn't yet been presented at a creditors meeting so the IVA team are still hopeful.
GE Money then changed their mind about the sale and said they wouldn't release me from the charge if there was a shortfall.
GE Money have changed their minds several times about the sale of the house and delayed the process for 6 months. The buyer made an offer in July. This has resulted in 6 months of arrears occurring and I now have to attend a repossession hearing in a couple of weeks.
If the repossession goes ahead then the shortfall is potentially likely to be even greater than if I was to sell it privately. Surely if they repossess and sell it themselves then they will have to take my name off the mortgage anyway?
I am now living in rented accommodation and have absolutely no way of paying the arrears, continuing with the mortgage or clearing the shortfall. I have been in a debt management plan for 3 years - GE are also aware of this.
I'm just posting here to see if anyone else has had anything similar happen and if the Hearing can rule that I am allowed to sell the house privately. The buyer is still interested.
Thank you for listening to me rambling on.
I am in a very strange situation and I'll try and keep it brief.
My private house fell into disrepair early this year and I couldn't afford to fix it. I had no heating or hot water. I had to move out and find somewhere to rent.
I notified my lender, at that time, and asked if I could sell the house privately. They (GE Money) agreed and I found a cash only investor/buyer through an estate agent who was ready to buy immediately.
Unfortunately, the house is in a negative equity situation and there is a large shortfall. I wrote to GE money and asked if they would accept it in full and final settlement. They declined.
My proposal to contribute
towards the shortfall was to enter into an IVA. GE Money declined that too, although it hasn't yet been presented at a creditors meeting so the IVA team are still hopeful.GE Money then changed their mind about the sale and said they wouldn't release me from the charge if there was a shortfall.
GE Money have changed their minds several times about the sale of the house and delayed the process for 6 months. The buyer made an offer in July. This has resulted in 6 months of arrears occurring and I now have to attend a repossession hearing in a couple of weeks.
If the repossession goes ahead then the shortfall is potentially likely to be even greater than if I was to sell it privately. Surely if they repossess
and sell it themselves then they will have to take my name off the mortgage anyway?I am now living in rented accommodation and have absolutely no way of paying the arrears, continuing with the mortgage
or clearing the shortfall. I have been in a debt management plan for 3 years - GE are also aware of this. I'm just posting here to see if anyone else has had anything similar happen and if the Hearing can rule that I am allowed to sell the house privately. The buyer is still interested.
Thank you for listening to me rambling on.
Comment