Can I get back my house after being repossesed??

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....??

RainMaker_2

I would thanks your lucky stars and not take the p!ss.

Why-oh-Why_3

Im not taking the p!ss at all!!!!!!!!!!! Im just trying to get my life back!

silvercar

No point agreeing to a repayment plan that you can't keep to. you will only end up being further aggrevated and possibly repossessed again.

I'm guessing that the lender is offering to suspend the repossession order. This means that should you fail to keep up with the new repayment schedule they can go straight back to court and repossess you for a second time.

Now for those arrears. How you will find 50% of them I do not know, but be aware that they will include all interest that should have been paid from repossession to now and the costs of going to court etc.

Wheras rainmakers point is valid, you need to negotiate a level of repayments that you can afford. Otherwise it will cost you in the long run.

iB1

What kind of figures are we talking about here for arrears? Hundreds? Thousands? Ten of thousands? Hundreds of thousands? Have you got a lump sum of cash ready to put down?

I think you have to be very careful here, and not let your heart rule your head. Yes, it would be great to get your house back, but can you guarantee in your own mind that you won't end up falling behind again?

Why-oh-Why_3

its a few thousand, and less than 10k.

I suppose, heart is ahead of mind, which is why im keen for responses and advice, want to know other peoples opinions to help me work this to the best of my ability.

Maintaining future payments is not an issue but I have very close friends who have had similar problems to me and have been offered so much more than I have, beleive me Im not trying to be greedy or as Rainmaker said taking the p!ss, but I know how there is alot of help now for people in my position whether it be that they have now lost there home or are on the verge of this.

Surely its also in my interest to get the best deal back from them to make it easier for me and for them... after all the house is still not sold and if houses prices drop much more they could lose out altogether as the debt left in the shortfall would be so big I would never cope in repaying that...

icebergx

You can definitely get the property back if you come to an agreement with the lender. One repo in my office was on for 3-4 months after which the original owner agreed a resolution with his lender. He collected the keys and moved back in.

scousethife

At the end of the day the lender just wants his money back, he doesnt want to repo anyone, especially in todays market, where prices are dropping and sales are at an all time low.

Yes he can legally recoup any shortfall from the borrower but does that really actually happen? No because people go bankrupt.