BR / Volun Repo Court Hearing!! Oh, and 7 questions...

GAZZA544

Hi we are in similar situation we went BR on the 20th of oct being 3000 behind in payments and we moved just after and renting a property.Iinformed the council to change council tax on to my new address as the house was being re-po then got a letter a week later to say as the date was set for the 20th of nov we could still have to pay however they were going to put it as an empty property.Have sent the keys back to mortgage company yesterday along with a letter surrendering ownership of the property to them.They claim now before it is theirs there are forms to sign from them I tell ya I won't be signing anything.

LilyBart

I'm sure you're right that the futile house-calls are simply a means of racking up their bills so they get a greater share of the pot once the debt is unsecured. I'm fairly sure the payment protection insurance on ours was mis-sold too, but I simply don't have the energy to tackle that at this stage. Our mortgage company claimed they didn't know about the bankruptcy but revealed in the same telephone call that they had been in touch with the OR! It's all so silly, because the more they drag their feet, the greater the shortfall is likely to be. Pffff....
Lily

dodecanese

positivestep wrote: »

Dodecanese - Thank you for posting a reply on this thread as I may end up in a similar position as you. I have a mortgage and a secured loan with Firstplus. When you stopped the mortgage and Firstplus payments, did the OR allow you to keep that money to save for a deposit on your new rental property or did they take the money from you?

Hi
In case this is useful for anyone else- I decided a month or so ago I was going to let the house go. I rang my OR and told him I intended not paying mort/sec loan, saving money for rent and handing back the keys. I did expect them to want an IPA for this but all he said was- as soon as I was in rented accom/had sent keys back, to call and tell them my new address. He never mentioned me having to give them the money.

That was the main reason I rang them really- as it's obviously a big change, but they seemed ok with it.
They are trying for an IPA now- but its based on what I'll paying when I move- no mention of the cash Ive put to one side for rent/bond.

Rosey321

Just a quick update really...

The repossession hearing happened a couple of weeks back. I have just been back to the old place to get the mail and found the repossession order sitting there on the doormat.

The order was passed by the court (we didn't attend the hearing BTW), and possession was granted to the mortgage company to be given four weeks from the date of the order.

At the bottom of the order was a bit that temporarily worried me ordering that we pay the full outstanding amount of the mortgage (including arrears) to the mortgage company. However, there is also a line afterwards that says 'not to be enforced without permission'.
I'm assuming that particular line is very relevant to the proceedings?? Anyone else ease my worries on this? I'm assuming its regular wording.
It also mentioned that the mortgage company may contact me regarding costs.

Since the order, the solicitors acting for the mortgage company have written again stating that they would still like to come to an arrangement to pay the arrears and reverse the repo order. They have also said if I continue to ignore their letters, they may seek a court order to claim back the outstanding monies.

I have passed all the documentation to the OR (and copied in the RTLU who have now taken up my case) and asked them to confirm that:

1) The phrase 'not to be enforced without permission' means just that and we have nothing to worry about and all costs/shortfalls etc will be included in the BR as they have always stated
2) Any threat of further court action won't come to fruition as the BR order would surely take priority.

I'll let you know of any feedback I get.

LilyBart

Hi Rosey,
That's all very interesting. I'd been wondering how it went. Our hearing was last week - we didn't attend either - but I can't imagine what happened as I noticed an estate agent's board outside the old house when I drove past it the night before. (Bad habit, I know, but I've cut the drive-by down to once a fortnight!) I checked online and it was already up for sale, at £20k less than the valuation we had in February, so it seems the mortgage company beat the secured loan company to it after all. The odd thing is we've had no communication from the mortgage holders at all, nor have we been asked to sign anything, nor have the secured loan people contacted us since. I seem to remember Mamma Cas had a similar experience? Anyway, keep us posted. I'm sure it ain't over til it's over.
Lily

Rosey321

Well, after the repossession happened, the house stayed empty for a couple of months and clearly no-one had been. I was starting to wonder if the repo had actually gone through!

However, last week I saw it advertised on a website and it is up for sale at an alarmingly cheap price, obviously for a 'quick sale'. I think the mortgage company could possibly have broken even with its true market value but now there will be a shortfall of about 20k for the mortgage lender.

I sent the OR an e-mail and a link to the property to keep him updated - and told him it is undervalued. Don't think he will really be interested but I thought that if the mortgage company get slighty shirty about the shortfall with the OR, at least the OR knows they sold it well below its true value. I've also told OR that the arrears have been going up on my credit report too, even after repo.

I have also had it in writing from the OR that the shortfall is included in the BR as I asked for absolute confirmation at an earlier date. I have copied OR's office in on all correspondance, including one refusing to sign the mortgage company's acknowledgement of debt letter - please never sign this one people (it may or may not come back to complicate issues in future!!).

Otherwise, hopefully all is moving quick nicely at last with the repo.

poppy2323

We are in same boat, We are in the next few days doing VR of our house after now beiing about 3 months behind with mortgage payments the lender told us just to send the keys back, whch we will in thye next week when we are in our rented accom.
We too have a swcurd loan with First plus and we have stopped the payments to them first and others whilst we get the money together for both myself and my husband to go bankrupt in the next couple of weeks.

It seems we all iat the samwe stage so please keep me posted feel I have aged 10 years in the last few weeks but know I have to see it through.

Any advice would be greatly received. (I know not to sign anything from the lender)
Silly question though did you give your lender your new address or just wait for the BR? and what do you tell the neighbours? mine knows if someone in the street breaks wind!!
Thanks
x

Dodger61

I certainly wouldnt give the mortgage Co ( or any other creditor )your new address or phone no for that matter. If you must, give them your mobile no, but you are leaving the door wide open for any post BR hassle. I signed the Vol possession form from the lender, but just crossed out the offending statement and put a covering letter in with it. ( copied OR as well )
Like a few people here, my mortgage co seem most reluctant to re possess, I have not paid any rent for 5 months and just get the odd letter advising of arrears nothing more. Any secured loan becomes unsecured once the house has either been sold or passed into the hands of the mortgage co. ( not your possession anymore ) This unsecured loan forms part of your BR, and you will not be liable.