Can I get back my repossesed House?

Why-oh-Why_3

Hi all,

Ok, had my house repo' in July of 2008. The house is still not sold with the current credit state and is reducing in price rapidly!

Is there any known cases of getting the house back and attempting to pay the mortgage etc???

Please give as much advice as possible as I want my home back

Thank you x

Richard_S

Hi Why-oh-Why,

In what circumstances was the house repossessed?

Are you bankrupt, did it go to Court, was it voluntary, how big were the arrears?

You haven't really given much information but financial institutions will always deal, and never more so than now. We moved out of our house and managed to return with almost 12 months arrears.

It's certainly a possibility depending on your circumstances.

I don't manage to spend much time on line but I check for P.M's regularly if you think there's anything I can do to help.

Regards

Richard

fiveyearplan

Hi Richard. I thought of your situation when I saw the title of this thread. How fortunate for the OP that you saw it too.

Hope you're well?

fiveyearplan

Hi Why of Why. I would suggest you ask yourself why you want your house back and can you really afford it. If you can then fight tooth and nail for it but if you just want it back but can't realistically afford to stay in it maybe its time to move on so to speak.

Richard_S

fiveyearplan wrote: »

Hi Richard. Hope you're well?

Hi Fyp,

We're fine thanks apart from work induced paranoia.:eek::eek:

It can't be long until you set sail for warmer climes.:cool::cool: If you need a couple of slaves we'd love to volunteer.:D

Rich

fiveyearplan

Richard_S wrote: »

Hi Fyp,

We're fine thanks apart from work induced paranoia.:eek::eek:

It can't be long until you set sail for warmer climes.:cool::cool: If you need a couple of slaves we'd love to volunteer.:D

Rich

I'll keep that in mind, I may be looking for a garden boy! Also I'll pay anyone estate agent's commission if they can find a buyer for my house.

Why-oh-Why_3

Thanks for the above posts, there great and really good inspiration too.

I can afford the house now, it was 5 months in arrears and all happened very quickly (alot of personal reasons)

Richard, how did it work for you?

Richard_S

Hi Why-oh-Why,

The house was heavily mortgaged and security for our business borrowing, so when we got the chance of suitable rented accomodation we moved out. We'd had it on the market for probably 6 months before our bankruptcy and after we moved out it sat there through the winter of 2006 with virtually no interest at all.

In the Spring of 2007 our kindly landlord decided to move his in laws into the house we were renting, gave us a months notice, but we couldn't find another rented property. In a moment of inspiration (desperation) I rang the bank and we eventually negotiated a deal to start repaying the mortgage and something towards the arrears.

It went to Court and they were greanted a suspended repossession order, but providing we meet the mortgage payments we've nothing to worry about.

It was and is, more complicated than that, but that's an accurate summary.

Richard

Why-oh-Why_3

Hello,

Ok I have now spoken with the mortgage company and have been told I can get back the house!!

They have said that if I pay 50% of the arrears and maintain payments then its definately viable for me to collect keys etc... obviously this statement is brief compared to the conversation...

Now we are officially in a 'recession' can I negotiate more such as no 50% on arrears and maintaining payments whilst clearing arrears along the way or anything like a 6 month period at a lower repayment or....??

peachyprice

Yay, congratulations :j

If it helps, we have £5k arrears and have made arrangements to pay it off by keeping our mortgage at the same payment as it was before all the interest rate cuts, so it isn't actually costing us anything out of our budget.

Why-oh-Why_3

peachyprice wrote: »

Yay, congratulations :j

If it helps, we have £5k arrears and have made arrangements to pay it off by keeping our mortgage at the same payment as it was before all the interest rate cuts, so it isn't actually costing us anything out of our budget.

That is great news, so there is hope then YAY.... YIPPEE