What happens if?

scattytracy

Morning All

After doing a bit of homework it would seem that I could propably just about sell my house and make at least the mortgage, where as if they reposses I am going to end up a shortfall and yet another debt, but I also have a charging order on the house and doubt if I could get enough to cover that( be nice if I could then we would 'only' have aprox 13000.00) in unsecured debt.

Could the b***ards at nationwide stop us selling, we are going to loose it anyway, so should I try for a quick sale, but obviously the repossesion route is even more messy.aprox 94000.00 (that is a guess after Kensington have added all there unwarranted charges) and £8000.00 on c/o for Nationwide (who did write to hubby a while ago and say if he had spare cash they would significantly reduce the debt for a one of payment, didn't mention figures though).

The houses seem to be around 99000.00 but majority are up for 119950.00 (but they are in better condition)

I've just rambled......haven't I, does this make any sense lol

Tracy
x

indebtandworried

Hi Tracy, can you just highlight what you owe on the mortgage, any other secured debts, and what the property is worth, also who the lenders are, so the picture is a bit cleared?

It was a little bit of a ramble Don't worry I do it all the time!!!

peachyprice

Have you factored in estate agents and solicitors fees?

Am I right in thinking the house should sell for £100k, you owe £94K on the mortgage and £8k CO.

Are you asking, if you offer Nationwide less than the £8k will they settle?

scattytracy

Hiya we owe

Going by online guides the house is work aprox 115000.00. But then houses round here seem to be up for £99500.00. It was last valued in 2005 for 105000.00

We owe KENSINGTON MORTGAGES ( I have to spit when I say there name)

89000.00 mortgage
900.00 early redemption
3200.00 arrears
1000.00 charges (this is a guess)
total £94100.00

then we owe £8000.00 to Nationwide, this was an unsecured loan DH took out before he come on the mortgage, house was mine initially. Nationwide was part of failing DMP with payplan, but the judge awarded them the C/O anyway!

does that help? thanks

Tracy

peachyprice

Have you looked on www.upmystreet.com to see how much they've actually been selling for?

peachyprice

I'm still not quite sure what your question is!!!

But if you're going BR anyway there's no point in battling through a house sale and having to spend money on a HIP, fees etc., when all the shortfall will fall into your bankruptcy.

Or are you saying if you can sell the house for enough to cover the mortgage and CO you won't need to go BR.?

scattytracy

One went in my street for £122000, in July but it is a four bed mine is three, its a nice house but needed some modernisation!

Apart from that the prices are all over the place, ranging from 85000.00 to 115000.00, but some of them were terraced and mine is a semi

scattytracy

lol Peachy your confused I don't know what my question is either ha ha

no really,my question is could Nationwide stop us selling because the charging order would not be covered? If and its a big if we could get enough to cover the mortgage and the charging order hubby would not need to go bankrupt, just me.

i'm worried about going through a repossession, and my mum lives round the corner so would be very ashamed, as she has allready pointed out to me this morning. And as she said I hope you haven't told anyone about all this! As you don't want everybody knowing your business, I quoted I've got nothing to be ashamed about at least I'm dealing with the problem.

On_A_Mission_7

Oh dear, how appalling that you don't have the support of your own mother!!

I owed Nationwide for a credit card and they sent a letter to say they'd consider a lump sum payment that could be substantially less than the total actually owed but again did not give a value. Why not phone them up and run the situation past them and then throw a lower ball park figure in (subject to house sale of course) to see how they respond - make sure you explain that it is in their best interests that you can sell the house.

scattytracy

Its oh's debt, so I'll have to get him to do it! Whenever that may be,

on my mother, she's obviously very embarrased by the whole situation so I shouldn't tell people and that would make it much easier for her to hold her head up with the neighbours!!

Great isn't it, feel at the moment like I'm stuck between a rock and a hard place. I think she's annoyed at me as I won't be as near to her, will still only be down the road mind.

Families are difficult and to judgemental

Tracy
x:rolleyes:

skylight

My mother was a bit embarrassed too. "How can you sleep at night" sort of thing. (Very well thanks!) If she owed £50 then she wouldn't rest until it was paid back. Thing is I remember from childhood a completely different story about her spending/debt habits and get a bit cross as she seems to have forgotten. My mother rarely even visits..... cos I live on a council estate.... (a damn nice one though!) I have in-bred snobbery and know exactly where it came from!

Anyway....

I think that it would be very, very tight for you. It will be stressful and in this climate in may take some time to sell. But if thats what you are looking to do, then go for it. The very worst that the bank can do is say no, then you will be in no worse position than now. Get OH to ring and speak to someone, then you will be in a better position to know whats what.