Northern Rock Selling House 55k under asking price!!!

Sadnewmum · 20 February 2009 at 5:26PM

My home has been repossessed, and Northern Rock have put it back on the market 55k under the asking price... can they do that. I have only just found out from looking through our local paper. It would leave me 60/70k in debt if they do that - will costs etc.

I feel suicidal.. I don't know what to do.
Please help

boredofbeingathome · 20 February 2009 at 5:29PM

I am not sure about this, it may be better posting it on the house buying board.

Also i would have thought that they are supposed to sell at a reasonable price not a ludicrous one.
edit to add this board

http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=&f=149

skylight · 20 February 2009 at 5:30PM

If you feel like that then talk to the Samaritans first . Please. There is more to life than money. http://www.samaritans.org/

Secondly, if you now have no assets, have you taken professional debt advice and has bankruptcy been suggested to you? How would you feel about that, because its a hell of a lot better than how you are feeling right now - I can promise you that.

Sadnewmum · 20 February 2009 at 5:30PM

Thanks - I'm quite new to this and unsure of how to move posts

Jenna · 20 February 2009 at 5:32PM

Hey there SNMum,

Welcome to DFW - though I'm sorry you had to find us under these circumstances. Firstly - PLEASE don't feel desperate (though I know from personal experience that's so easy to say and so hard to feel some days) - there IS a way through this for you. Have you thought about calling the Samaritans? Their number is 08457 90 90 90 but they also have an email and text support too (I preferred that because I was too much of a wimp to call at first!).

I will post more in a second but just wanted to make sure you don't feel alone. We are all here to help xx

caramia1812 · 20 February 2009 at 5:32PM

Sadnewmum wrote: »

My home has been repossessed, and Northern Rock have put it back on the market 55k under the asking price... can they do that. I have only just found out from looking through our local paper. It would leave me 60/70k in debt if they do that - will costs etc.

I feel suicidal.. I don't know what to do.
Please help

Sorry I can't help you but hopefully someone here will be able to but I just want to say that I can not imagine how you must be feeling. There has got to be a law against this surely? I bet the £55k is not even equivalent to what you owe them in mortgage payments.

It makes me so bloody mad, same as when credit companies won't accept a F&FS offer from you but are quite happy to sell your debt on for pennies or will accept less from you if you do an IVA. it's almost as if they are punishing you further for being "naughty people".

(huge hugs for you)

p.s. I know people here are saying that there is more to life than money but when it's happening to you and your world is falling apart money DOES matter because without it we can not survive, keep roofs over our head nor feed ourselves. Just hang in there girl and something will turn up. Trust me, I have been close to the edge of the abyss too!

boredofbeingathome · 20 February 2009 at 5:34PM

Sadnewmum wrote: »

Thanks - I'm quite new to this and unsure of how to move posts

Just re post on the board and please don't be upset hun, it is happening to lots of people and i am sure there will be some good advice.
Who else have you spoken to regarding all of this?

nervousmother · 20 February 2009 at 5:35PM

Hi sadnewmum

I know how you feel, I was in the same position, we had our house repossessed and northern rock are now marketing it at a price that would have left us with a .... £136000 shortfall.

I felt the same as you do now. We took proffessional advice and came to realise that bankruptcy was our only option. We went bankrupt on the 6th of january this year, It is not as hard as you would think. The BR has got rid of all our debts not just the northern rock one.

You have a few emotional months ahead of you, if you wish to PM me you are welcome too.

Sadnewmum · 20 February 2009 at 5:36PM

I'm just sat typing in tears, Ive just tried CCCS but their lines are busy and a recorded message asked me to call back.

The house is in joint names, I can go bankrupt but my OH couldn't, meaning they would chase him for potentially 35k. God I feel like theres just no light at the end of the tunnel, like we will be in debt forever.
How can they do this

Jenna · 20 February 2009 at 5:37PM

Right ... first off I should say that I am no expert on property. I really feel that you need to get some specialist help here both on the legal front (with whether or not they can sell the house at that price) and on the debt/money side (a free debt help charity such as CCCS is the best way to go here).

I am hoping one of the lovely and wise people on here will be along soon to recommend a suitable free legal advice organisation. I know there's always the CAB but I'm not sure whether they can advise on this sort of thing, it does sound very technical really.

Aside from the house/mortgage, what's your financial situation like e.g. do you have other debts? Are you working?

Please keep posting - this can be sorted out I promise. Do you have anyone you can talk to right now for support - a partner, friend, or relative? Even if you don't have anyone you feel you can turn to then please read this page http://www.metanoia.org/suicide/ and try to contact the Samaritans too in whatever way works best for you.

xx

Jenna · 20 February 2009 at 5:39PM

Oh sorry - posts crossed. Out of interest, why can't your OH go BR? (I'm not saying you/he should, mind, just intrigued)

Northern Rock Selling House 55k under asking price!!!

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