House repossessions - what do judges decide?

[hectora]

We have paid our mortgage for a long time, and only have three years to run. We were both made redundant 3 years ago and have struggled ever since. However, we have managed to make some payments to NRAM. We had an arrangement for a year, but they don't seem to allow any kind of extended arrangement - I am not sure why, as we could make a regular but smaller payment. They sent a field agent to our house, who went through our outgoings and incomings, so they know all this in detail. We have written to them every 2 weeks and constantly kept them informed of everything. Why is it that they can't accept any arrangements, knowing that they will eventually be paid? They seem relentless about repossessing our house.
What I would like to know is that if they take us to court what will the judge say - will he/she side with them and make us homeless, or will he/she encourage them to make an arrangement.
We know our current situation will not go on for ever.

[Kafka]

Re: House repossessions - what do judges decide?

I've been through this over the last few years so you have my sympathy with what you are having to deal with.

In my experience, courts are sympathetic to cases like yours, but they are also tied by the CCA and by definition you have failed in that agreement because you are in arrears. Basically, once you are more than 2 months in arrears the lender has the right to foreclose on the mortgage and subsequently evict you to sell the house.

The main issue is often not the size of the arrears, but the ability to stop those arrears increasing, and I think that many judges would be reluctant to grant an Order of Sale providing you were able to make the full payments. The arrears could then be paid off in increments over the remaining life of the mortgage or some firms will consolidate arrears into the outstanding capital, so they effectively cease to class as arrears.

Your target needs to be to get quickly to a position where you can meet the monthly dues for the interest on a regular basis, but I appreciate that that is easier said than done. Unless you can give an assurance that the arrears will stop accruing, then sadly I feel that the court will have no option but to grant what the lender asks for.

1) Can you confirm that this is a joint mortgage?
2) How many months in arrears are you, in terms of a multiple of the monthly dues?
3) What proportion (roughly) of the monthly amount have you been paying?

[hectora]

Re: House repossessions - what do judges decide?

We have been paying 50% of the mortgage roughly, and we are now only just 3 months behind payments, we have a joint mortgage.
Thank you very much for your help, it sounds reassuring that a judge would not just automatically side with NRAM., if we can show that we have done our level best to pay anything we can.
I want to try and get under the 3 months arrears as that seems to be the cut off point. We really do not want to lose this house, we have lived here 22 years now.
My husband has had to become self employed despite being very well qualified and applying for countless jobs, I am pretty much the same. Our business is up and down. We ask people to pay us in 15 days, but some of them take months.

I've been through this over the last few years so you have my sympathy with what you are having to deal with.

In my experience, courts are sympathetic to cases like yours, but they are also tied by the CCA and by definition you have failed in that agreement because you are in arrears. Basically, once you are more than 2 months in arrears the lender has the right to foreclose on the mortgage and subsequently evict you to sell the house.

The main issue is often not the size of the arrears, but the ability to stop those arrears increasing, and I think that many judges would be reluctant to grant an Order of Sale providing you were able to make the full payments. The arrears could then be paid off in increments over the remaining life of the mortgage or some firms will consolidate arrears into the outstanding capital, so they effectively cease to class as arrears.

Your target needs to be to get quickly to a position where you can meet the monthly dues for the interest on a regular basis, but I appreciate that that is easier said than done. Unless you can give an assurance that the arrears will stop accruing, then sadly I feel that the court will have no option but to grant what the lender asks for.

1) Can you confirm that this is a joint mortgage?
2) How many months in arrears are you, in terms of a multiple of the monthly dues?
3) What proportion (roughly) of the monthly amount have you been paying?

[Crazy council]

Re: House repossessions - what do judges decide?

Hi

If your at least paying your interest on your morgage pluss a tocken ammont towards the debt arrears and capital, the morgagee co would struggle to make any further action stick.

My advise,, write to them formaly stating.

Whilst we are in finacial difficultys, we offer to maintain paying the interest due ewach month, plus and ammount towards the arrears and capital. Send them an income outgoings sheet ( AND BE HONEST ON IT ).

Tell them that your concerend over the charges they may be imposing for taking further action.

Fill out the letter with any finacial details,

Further..

Why not, be realistic about what you can pay, and ask the morgage co to extrend you morgaee a few years, to allow you to pay it at a currently affordable rate. That way, you may end up with a 6 year moregage instead of 3 years, but the payment would be lower..

[righty]

Re: House repossessions - what do judges decide?

I should find out whether or not they haven't already bundled your arrears into your mortgage if so then you are no longer in default and any court knowing this will refuse any application for repo Ask for an up to date statement asap