Advice please negative equity deed of postponement

caroline34

thanks silver car .... that is our opinion on it all .... but as i said before am an optimist !!!!

delboypass

when your husband comes home drunk one night, beat him with the frying pan and tell him he fell down the stairs during the night...should make you feel better :rolleyes:

Hoped he told you before you married as you could have dealt with it much easier when you were both single..i.e. he went bankrupt and then buy the house afterwards ect..

Still though he must have something to show for the £57k

That is an extra £1000 a month for 6 years over the top of your budget...

Or an extra £250 a week...!!! for 6 years...

Real strange if you never figure out for 6 years your spending more than you earn...dont get a joint account either or co-sign any loan agreements with him and make sure any remorgages need duel signature..(just in case!!)

You seem a lot more mature and responsible than your hubby so good luck and take control (hate to say it as a man myself :cool: )

Screw down the budget to bare minimum and snowball

caroline34

as i said it was debt consolidation to help him out ... already have a mortgage in joint names, secured loan in joint names have to have joint account to get mortgage ..... so i am well and truly involved. and yes am the mature one ha well someone has to be !!!!!

ziknik

@Silvercar Post #11 (can't quote ATM, don't know why)

Negative Equity is also an issue at re-mortgage time

caroline34

thanks for stating the obvious ziknik we are well aware of our situation.
we are asking specifically about deeds of postponement not a discussion and justification on how we got into this situation in the first place.

any mortgage advisors or ex mortgage advisors could give us their advice and practical know how it would be most welcome.

as for a dissection of our situation and how we got into it we dont need that at the moment, at 6 months pregnant that is not helping my blood pressure, so constructive advice please

Thanks everyone so far

ziknik

silvercar wrote: »

Relax for the moment.

If you can afford to ride out the storm then the negative equity won't hit you. Its only when you sell it becomes an issue.

SNIP

ziknik wrote: »

@Silvercar Post #11 (can't quote ATM, don't know why)

Negative Equity is also an issue at re-mortgage time

caroline34 wrote: »

thanks for stating the obvious ziknik we are well aware of our situation.
SNIP

It clearly wasn’t obvious to Silver Car.

You made your position clear (regarding your situation) in Post #8. I have stayed out of it and will continue to stay out of it.

Kez100

Put Zoopla out of your mind. Ours shows as double its value all because ofthe places that have sold around us in recent years. No bearing on us or the present market at all.

caroline34

with regards to valuation we have been told by abbey (when we rang to confirm the valuation) that the figure of £150k is based on what the house will be worth at the end of the term of the mortgage with Abbey??? not it appears what it was worth on the day he came to value??
Is this the way it should be done, i was under the impression it was the value on the day?

Plus if he took into account the houses on the road, the vast majority are 2 bed and some flats no parking etc we are 3 bed massive garden and off street parking which i can tell you is a luxury in this area. any valuers give me their opinion on how valuations are done?

Thanks everyone so far

happybroker

Valuations are normally carried out using evidence of recent similar property sales in the area (this information is in the public domain, have a look on upmystreet.com) and what the valuer considers to be an achievable price within a given time scale, say 3 or 6 months.

I am surprised Abbey are not willing to challenge it, I certainly would. Obtain "comparable" evidence of sale prices of similar property in your area and give this to the adviser telling him you want it challenged. The afore mentioned site may help!

Regarding the DOP, it is a matter of seeing if they will or they won't I'm afraid, no one on here will be able to give a cast iron answer and although some seem incredibly sure of what they are posting much can be taken with a big pinch of salt.

Try the valuation apeal again with some one senior at Abbey, the reason you have been given sounds like a bit of an odd story to me. If that doesn't work speak to Firstplus and be up front with them, it's the best way to get the answers you really need.

Good luck with everything, you sound like you've got plenty going on at the moment and I hope it all works out (I'm fairly optimistic).

jill2002

I think your best option, as stated before, is to talk to First Plus to see if they will allow you to move your mortgage (1st charge). Sense would say that they are no worse off, but it is their choice.

With regard to the valuation, they value it on the day for the Abbey, so that if Abbey had to sell it quickly, if you didn't pay any they had to repossess, they would get their money back (plus costs). There is a process in place that you can challenge that valuation, but you will have to have some firm evidence of similar houses to yours that have sold recently, not just in the same street, but same area as well. I have done it many times with Abbey valuers, some successful, some not. You can get a second valuation done at your own cost, but if you want Abbey to accept it, it must be one of the valuers on their panel - you can ask for a list. However, remember, this may of course bring the same result as the Abbey valuer.

First Plus will generally use the Abbey valuation, but they can also insist/ offer their own (at your cost).

I definately think your best course of action is to contact First Plus and be up front and state your case. Explain that you are NOT looking to borrow extra funds. You will be struggling to pay the extra £250 per month if you do not remortgage. Explain that you will soon be in a worse position because you are pregnant and ultimately, they are the ones who will lose out if you have to be repossessed. Just be careful how you say this because if it comes across as threatening, they are likely to turn off to your request.

Good Luck.