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repossession and secured loans

Hi everyone, Happy New Year.
I went BR back in Oct '08 and have since voluntarily repo'd my flat which now has had all the locks changed a note in the window, tape on the letter box and is on the market for 62K (i owed 85K on it!). Does anyone know if my secured loan is now unsecured as the mortgage company have it and there is no equity in it or do i have to wait till its sold? the Sec loan people were very agressive at first in persuing me but have now changed their approach to a kind and caring, "we want to help you through what is obviously a very difficult time" (thier words). id really like to draw a line under it all and tell them to bog off....

thanks everyone, this forum has been a big help through my difficult time!.

Comments

  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi Craigos,
    Have the mortgage co. repossessed through the court?
    The secured loan company can continue to chase you until the mortgage company has repo'ed officially through the court so the property no longer belongs to you, or until the house is sold, whichever happens first.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Hi Peachy,
    I sent the keys back to the mortgage co with a cover letter as advised by them. does it still have to go through the courts?
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It should do, it's just simple hearing in which the judge grants possession to the mortgage co, either immedately or within say 7 days. It's a just formality for them, but it's pretty important from your point of view especially if it takes longer than 6 months to sell, as you'll be liable for council tax again after 6 months exemption. It's something mortgage companies tend to drag their heels over, I guess because it costs them money.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • i take it they'll inform me if this happens? i cant see the place selling anytime soon, not with the present market conditions, its only a 1 bed flat.
    Also Peachy, as you are like an oracle on these things, does the OR let you know if they have excepted your income and expenditure? i filled in one two months ago and then had to do another for my partners I&E, even though she hasn't gone BR, we are living together now and i thought id be better to play ball with the OR and after everythings paid my girls pay is gone, the OR said i couldn't put any expenses down for my daughter as i'm not her biological father! so all my patners wage goes on childcare and child related stuff, thought that was a bit harsh on their part, there must be loads of people in the same boat...i'm not her father but i am her daddy. So its been nearly 6 weeks since i've heard anything, do they tell you anything or just leave you in limbo?
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You'll get forms through from the court giving details of the hearing date. It might be worth chasing them so see what they are going to do, you need closure on this.

    As for your second question, I really don't know what they do. I phoned and emailed my OR in September because I had a wage rise and didn't get any confirmation or response at atll, I was expecting at least a revised I&E, I'm thinking no news is good news :confused:
    Accept your past without regret, handle your present with confidence and face your future without fear
  • thats what im hoping, i think they are overrun and will do the min possible. hopefully! Thanks peachy, ill write to the BS and see what they are planning.
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