Letter to mortgage lender

Dodger61

Hi GettingHopeful,
I think its probably better to get out on Sat, will give you a fresh start, no more being chased
I have a date to go BR in Dec, but plan to phone the mortgage co up to offer to hand the keys in. ( 4 months arrears ) bit of a doubled edged sword tho. want to move asap, as the SL companies will be chasing until the house is sold, but could do with staying a bit longer to give me time to save. Hope to negoiate a date with the mortgage co, but not sure how long they will give me.
Are you BR or plannin to go BR? I would def get a third key cut, just in case. Let me know how you get on.

GettingHopeful

Hi Dodger,

I became BR in June this year, but the OR kept saying "hold on" when I queried about the flat which I vacated in February. There was more equity then and I didn't know if I could sell it still or what. It was when it looked as though the equity had dropped pretty much out of it that I managed to get OR to say in a very confused way, that I could do a vol repo - long involved story.

Mortgage is 6 months in arrears as of Nov 1st and as had a 6 month payment holiday whilst I tried to sell it - now a year since mortgage last paid.

Huge relief to get rid of the keys.

Yes will get a 3rd key cut just in case of problems, thanks.

All the best for your BR - you are more knowledgeable than I was with this vol repo thing.

Dodger61

Guys,
can anyone put my mind at rest. I am due to go BR on Dec 1st. Had a call from the secured loan co today. I stupidly? told them I was going BR at the end of the month. Question: Can they take action before I go BR? ( is there enough time to issue possession orders etc ) Felt good though telling them!!
Thanks

blind-as-a-bat_2

Dodger61 wrote: »

Guys,
can anyone put my mind at rest. I am due to go BR on Dec 1st. Had a call from the secured loan co today. I stupidly? told them I was going BR at the end of the month. Question: Can they take action before I go BR? ( is there enough time to issue possession orders etc ) Felt good though telling them!!
Thanks

Yes if you dont act on any court claim..... but only just!

they would be pushing it, but as long as you respond corectly to any summons it ages, im at three months and still not seen court yet for a claim against my OH:p

So dont worry but keep an eye on them, if you have moved recently and they have your old adress they may send the claim there even if they are writing to you know at the new address, its one of the tricks they try to pull so you dont defend, thus getting judjement by default;)

Dodger61

Thanks Blind as Bat, think I was stupid mentioning it to them. Hopefully if they decide to go down that route, time will be against them. But after the dealings I have had, I do not trust them an inch.

GettingHopeful

Just a quick word - secured loans as such do not go into the bankruptcy, although they are mentioned on the SOA. They only go if the property is repossessed and sold with a shortfall by the mortgage company. The OR may not necessarily take over the property - unless there is masses of equity in it. That was the trouble with my situation, as there were varying valuations and difficult to know what the property would sell for. The OR procrastinated until the property value went right down.