Can I get back my repossesed House?

sparky25

Hi guys,

I think my house would have problems being sold due to the work that I cant afford to finish and the work somebody would have to take on if they bought it. Its also in negative equity so looking to try and keep it.

Question is: Steve, what happened to the secured debt on the house. Are you now liable for it again being back in the house.

Peachy, did you have secured debt. I have mortgage arrears that I am paying off monthly. Interest rates have dropped so much that my mortgage is a really affordable amount once arrears clear. Will my bank be happy for that arrangement to continue if I do go BR.

peachyprice

Hi Sparky,
We have a mortgage and secured loan.
Our bank were more than happy, we told them what we could afford, they told us how long it would take.

I think they probably realised that if they kicked up a fuss we'd just let the house go and include any shortfall in our BR, so there was incentive for them to co-operate

Yes, you are liable for any secured debt.

sparky25

Sorry for the thread jack....

I have a mortgage and two secured loans. One has an interest rate of 30%. Do you think I would be in a strong position to contact that particular loan. They are 3rd in the queue as far as paying out would go and its effectively their loan that puts my house in negative equity.

I would like to contact them, advise that I'm considering BR and would they be prepared to renegotiate the interest to bring the payments down or I may as well let the house go and include them in my BR. Dont know how strong my argument would be.

Any advice???

peachyprice

The fact that you are going BR probably won't matter to them, as long as you have the house they have you by the short and curlies.

sparky25

Thanks for the speedy reply. So in other words, they would rather lose all their money in my BR rather than receiving a monthly payment. Seems mad. Do you think it would hurt to try though.

I am hoping to bring my arrears up to date before I go BR in order to save myself a headache of worrying about them getting stroppy and applying for repossession.

Just praying that my house doesn't pick up in value within the next 12 months and create a huge beneficial interest....

peachyprice

Anything is worth a try.

Richard_S

Hi W-o-W,

That's great news.:beer: :beer:

I found it rather strange going back after we'd moved out but it doesn't last long.

The legal situation (Case Law) with arrears is that lenders are obliged to accept monthly repayment of any arrears over the remainder of the mortgage. They're obviously goping to fight hard for you to pay as much as possible, but don't be forced into agreeing to pay an amount that you can't afford.

Regards

Richard

Why-oh-Why wrote: »

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....??

skylight

I would advise checking out land registry details to, to see what the lender has placed against the property. If you are moving back in, you would want anything they have placed to be removed.

Richard_S

Hi Skylight,

The lenders' existing security will cover any arrears or other debts, I can't think why they'd lodge anything else against the property.

Regards

Richard