Can I get back my house after being repossesed??

Why-oh-Why_3

Im looking at all possibilitys, believe me, hoped to get some advice then can consider it further and also would be good to hear of any other situations similar.

Alot of things have changed since it was taken, In my opinion its good to have some faith

Why-oh-Why_3

Yes they are Subprime, they were the best rate at the time I took out the mortgage a few years back with being self employed

mr.broderick

Why-oh-Why wrote: »

Im looking at all possibilitys, believe me, hoped to get some advice then can consider it further and also would be good to hear of any other situations similar.

Alot of things have changed since it was taken, In my opinion its good to have some faith

Must agree with you, repossession is a horrible thing but peoples finances can go tits up in a matter of weeks.

geoffky

Are you thinking of buying it back for cash because if you are not forget it...you will no longer be in a position to get a mortgage due to repossession...(your failure to pay them what you owed).They do not like people who do not play by their rules..

Why-oh-Why_3

Thats what started my problems... a few very unfortunate things happened and then before you know it, its too late.

When this happened to me, there were fewer repo' happening, and therefore not a great deal of support in order to stay in the house, like there is now. I know of people who have lost work in the last 3-4 months in the building trade and been able to reduce there mortgage by 50% in order to help them, they were already on a Interest only mortgage, had already had payment holidays... things have changed as far as I can see.

I do appreciate the house is no longer mine, but its sitting in the same place empty and crying for me to go home... cheesy... yes maybe, but its got to be worth a shot

mr.broderick

geoffky wrote: »

Are you thinking of buying it back for cash because if you are not forget it...you will no longer be in a position to get a mortgage due to repossession...(your failure to pay them what you owed).They do not like people who do not play by their rules..

Load of tosh.
Haven't you been watching the news lately? Anyway how come you are not in the canaries?

silvercar

I have read (on the net, so maybe true ) of repossessions being set aside, though this has been within a few days of repossession rather than months. From memory it involved going back to court and getting the judge to set aside the repossession. This can be done with or without the lenders agreement. Without the lenders agreement you would have to get a judge to agree that the repossession was unreasonable or that you are now in a position to make a sustainable arrangement regarding the arrears. (If it helps the starting point for the arrangement can be as much as extending the arrears over the full term of the mortgage.)

If you want to buy the property as a new owner rather than the original owner ie ignoring the previous mortgage and arrears and repossession, you would have to persuade a different mortgage company to give you a mortgage of the required size to enable you to purchase the property at a price that would be acceptable to your previous lender. As there are no 100% mortgages around that would mean finding a deposit from somwhere and getting a lender to give you a mortgage with a recent repossession on your credit record. Even if that were possible, the big downside is that your existing lender would find out about the purchase and chase you for any shortfall on the selling price. In all likelihood they would go to court and get a charging order on your property for the shortfall - effectively putting you back to square one.

geoffky

It is not worth the mental effort. You will end up ill if you dont make the break from it..because i just cant see it happening bar a lottery win ect.

mr b...going back on the 11th feb...too bloody cold here..

mr b .if you dont follow their rules they get mad...

naijapower

Mortgages PLC were heavily in the sub prime market and also majored in gifted deposit - vendor and builders. They were good when the going was good. They could accept the entire gifted deposit as your deposit and you wont have to commit any cash.
Honestly i sympathise with why-oh-why as it is a difficult thing to lose your home. I wish you all the best but i know it is a hard task as even if they want to work any miracles, they need to see some big cash from you

PasturesNew

You can't buy it because because you have a poor credit history, you still owe them £XXX,000 (and growing every time the price drops) and you don't have a deposit.

CLosest you can get to it is get somebody to buy it for you and rent it back to you , with an agreement that at some future agreed point you can try to raise a mortgage to buy it back from them.

The only way to even TRY to get it back would be:
- pay them cash all the outstanding money
- pay them a further BIG chunk off the mortgage

So if you've had a big win on the gee gees, it might be worth it.

But, no.