Facing Repossession, please help!

moneymadman

Facing Repossession, please help!
Hello im in a right mess, first of all im posting becasuse i hope one or more of u clever people can give me advice and help me out! Im 23, my parents have been living in their home since 2001. My mum and dad both lost their jobs and now we face a third court date for repossession. The first was in 2003, the judge ruled as my father had just started a new job the Abbey ( our lender) would ansorb the arrears on our account. All was well but my father lost his job earlier this year. We had a court date in April, i paid off the arrers with a hefty interest loan but now we are in default again to the tune of £3038. I spoke to the abbey on my parents behalf the lady said they were just waiting on a free court date for a possession hearing. The only way to stop a hearing is to clear the arrears which we cannot do.

Now my father has found a new job and my mother works part time. Not the best jobs but just enough to cover the morgage.

we have a 50/50 morgage. We pay £238 rent to home housing each month
we also pay the abbey £362 morgage each month.

The morgae we took out was for £42,250

The house is approx worth £175,000 now.

So if we sold then home housing would get 50% ( 87k ish)
We would get the other half 87k. Of that we would pay the remaining morgage of 45k - secured loan of 5k but the rest would be ours.
So the property does have Equity there.

Ive tried to convice my parents to sell but they are late 50's and dont want to rent for the rest of their lives

My question is what to do!?!

1) Do we put the house up for sale (assuming i can convince my parents) then rent somewhere?
2) try to pour all the £ we have into paying the morgage + arrears in the hope the judge rules in our favour?
3) assume the house will get repossessed and make no further payments , keeoing funds for a rented place when the time comes?

Any help is appreciated as im very stressed out!

Income is as follows:

Dad wage: 600 pcm
mum wage: 300 pcm
Dad pension: 350 pcm

= 1250pcm

Outgoings:

rent: 238
morgage: 362
secured welcome loan: 135 pcm
council tax: 100pcm
utilities: 50pcm
ccjs: 30pcm
Paying nominal payments now to all unsecured debts: 20pcm
food/living 200pcm

= 1135pcm

Also does anybody know if the judge will reconise my income in addition to my parents when making a decision or just solely theirs? can i also attend court and speak on my parents behalf?

Please help! thank you! i am currently in discussions with ccs and cab

caz876

Hi Sorry I can't help but thought I would give you a bump!

Lelc

I'm really sorry that I can't help either but I can at least bump it back up to the first page again.