Voluntary repossession - pregnant and confussed!!!

chez-a-bella

Hi CCCS_Matthew,
I really appreciate your help! I will call your charity asap and get some more advice. Thank you for your post....it is greatly appreciated!!
Cxx

CCCS_Matthew

Not a problem, give me a shout if you need any more help.

Regards,
Matthew

silvercar

chez-a-bella wrote: »

Thank you for your post Silvercar....

Just one question....so If I do proceed with Vol Repossession .....Do i have too still pay mortgage payments up until the house is sold by the mortgage lender?

But if I choose to stop payments they will add the payments missed too the negative equity and that will be the amount that I have pay back?

Sorry for being a bit stupid....its just so hard too understand all this sometimes!

Thank you Silvercar!
Cxx

It is difficult to understand, ask away; remember there are many people lurking who could have the same question in their mind. (This thread has been viewed 266 times.)

You are exactly right, if you stop making payments the money owed will increase. Once the property is repossessed you are not expected to make repayments as you no longer own the property - though I believe interest continues to acrue and the money owed will rise.

Of course if you stopped making payments and voluntary repossession didn't happen for whatever reason, there is the risk that the lender could repossess you. In practice there is very little difference between voluntary repossession and repossession by the lender.

SouthCoast

Some advice from CAB on arrears on shared ownership properties:


http://www.adviceguide.org.uk/index/life/debt/mortgage_arrears.htm#arrears_on_shared_ownership_properties

neas

Feel for you

1 year is a long time to try and sell the property... did you knock off 34k at the start or knock 5k off every couple months? Problem is you were chasing the price drops down.... you needed to get ahead of it by dropping price faster . Hindsiht is perfect of course and you didnt know that.

*Fingers crossed for you*

chez-a-bella

Hi Silverycar....Thank you for your reply and your kind words!
I cant believe this thread has been viewed that many times! I hope that others in the same situation can get some help from the posts ...just like I am!
I am going to try too make this months payment on the mortgage and co-ownership, but I just cant find a way too pay next months as i need too start thinking about buying the essential things for the baby plus I will be on Maternity pay...I havent even been able too afford too buy anything for the baby yet. My family have been great though and have bought things for us.

Hi Southcoast, thank you so much for the link....I had a good read through it and I will phone the Co-ownership scheme today too see if they can buy back a bigger percentage!!

Hi Neas, I followed the direct advice of my estate agent, and dropped the price when they advised, to be honest I feel a bit let down by the estate agent...they after all were supposed too be the experts in the housing market and I just followed their advise thinking I was doing the right thing. But like you said I probably should have dropped the price dramatically early on too beat the housing market crash.....Hindsight is indeed wonderful!!!!
I actually had a sale agreed back in Feb this year. The buyers were going too go through the co-ownership scheme the same as me, but then the scheme ran out of money and could no longer accept new applications.

The very word repossession makes me want too be sick at the minute, but if its the best opition in the long run then it I will just have too follow that route.....

Thank you all for your kind words and help!! It is greatly appreciated!!

Cxx