Can I get back my house after being repossesed??

Why-oh-Why_3

wageslave wrote: »

Only fight the battles you can at least hope to win.
Life isn't kind to heroes.

what isnt there to win... surely giving up is failure, failures dont win prizes!

got to try!

mr.broderick

wageslave wrote: »

Only fight the battles you can at least hope to win.
Life isn't kind to heroes.

Nothing heroic about trying to get your house back, this isn't omaha beach.

wageslave

Realistically, unless the OP got six numbers on Saturday night, she/he has no chance of getting the house back.
Why encourage them to tilt at windmills?

Why-oh-Why_3

wageslave wrote: »

Realistically, unless the OP got six numbers on Saturday night, she/he has no chance of getting the house back.
Why encourage them to tilt at windmills?

Although I fully appreciate what you are saying wageslave.... have you not noticed there may be a chance, other people have been able to get there house back ... nor do you know about my current finances...

The point of this discussion is for advice and peoples previous experience, and to work out how and if at all possible to try and look further.

Please continue with responses, Thanks x

m1ntie

I think this is a complete "wind up" .

seven-day-weekend

Why are people saying it is not possible?

If the OP's circumstances have changed (and assuming they can get a mortgage), why can't they buy it as much as any other buyer?

PasturesNew

seven-day-weekend wrote: »

Why are people saying it is not possible?

If the OP's circumstances have changed (and assuming they can get a mortgage), why can't they buy it as much as any other buyer?

In today's lending market it is highly unlikely that a lender will consider them for a mortgage because they haven't got a good record ... indeed they still owe the existing mortgage and are in arrears for it etc.

We don't know the figures involved, but it'd take a HELL of a cash pot to dig out of that one and find a lender that would accept the risk.

Even if they buy the house at any new/reduced price, they still owe the original amount outstanding and other costs.

e.g. Bought house for £100k, owe £100k on mortgage + arrears. House now on the market for £50k, you buy it back for £50k, you still owe £100k + arrears. So nothing has changed whatsoever.

moggylover

There remains only one sure fire guarantee of failure: not to bother trying at all;) .

Op, I have absolutely NO idea if you can raise the finances to pay off the arrears, and the other costs and get it back: but I hope you do, and that you manage it.

The very best of luck - and let us know how it goes.

Walter_J

PasturesNew wrote: »

Even if they buy the house at any new/reduced price, they still owe the original amount outstanding and other costs.

e.g. Bought house for £100k, owe £100k on mortgage + arrears. House now on the market for £50k, you buy it back for £50k, you still owe £100k + arrears. So nothing has changed whatsoever.

Not quite.

The £50k they paid for the house second time round would be offset against the outstanding debt. Less charges, of course!

Strikes me as a non-starter, though. Time to move on and start again, methinks.

whathavewedone

I don't know whether this will be possible for you but it would be great if it did.

Who knows? If your circumstances have changed and the lenders are going to lose a huge amount of money if they sell your property they may be prepared to negotiate. Why don't you go and speak to Shelter (I know that you aren't homeless but they do give advice on repossessions) or the CAB.

No harm in trying.

If it is clear that it won't work out then I guess you do just have to move on as quickly as you can for the sake of your sanity. If it were me I might have to move out of the area entirely as I don't think I could bear seeing "my" house everday either standing empty or being lived in by people who paid a hell of a lot less for it than I did.