Mortgage Arrears Help Guide Discussion Area

killearn

Interest rate drop from my mortgage company.... get this they wanted to keep it and knock it off my arrears each month !!!!
A Sea full of Sharks.....

mattard

my brother had a mortgage with RBS which he got arrears of 3 months.Back in March they sold his mortgage to another lender who now want the arrears paid or they will reposses. he has applied for help from govt under the new scheme but the new lender has not yet subscribed to this unlike RBS. Have they pulled a fast one?

jamieT_3

ive just fallen 2 months behind on my mortgage as lost my job back in december and they basically told me if i miss the nxt 1 i will be taken to court for repossesion

di3004

jamieT wrote: »

ive just fallen 2 months behind on my mortgage as lost my job back in december and they basically told me if i miss the nxt 1 i will be taken to court for repossesion

Hi there

In this situation there are various ways this can be dealt with.

If you are signing for JSA, I believe after 13 weeks, which used to be 39 weeks, but this is a new government support scheme to help with the interest of mortgages.

I'm sure others on here with knowledge on how this works will be able to give you some advice.

However, another way is, if you have any unsecured loans, credit cards etc, these are not classed as priority like the mortgage or secured debt, you can contact free organisations for help, they will arrange a payment plan, so you have more to pay towards the mortgage, such as arranging to pay token payments only to unsecured creditors.

For more information you could post on the DFW thread on here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=76
You should receive good advice on this matter.

There are free organisations such as the Consumer Credit Counselling Service (CCCS), you will also find that on the link I posted above, that CCCS help is onhand on that thread.

There is payplan, and the National debtline, and they are all there to help as much as possible.

Here is a website to the CCCS, and they are very good:
http://www.cccs.co.uk/

If you decide to go to these, ring them and they will arrange for someone to call you back in your own time, they go through your expenditure for you, and work out a plan, where more money is available towards your arrears.
You will also be given a client ref number, so when you contact or write to unsecured creditors, they know your at least trying to deal with your matter.

Have you tried by paying just what you can for now, for example £50 or whatever you can afford until this is sorted out, its better than nothing and if this goes to court, they will obviously see that you are trying your best.
Check them out, good luck.;)

MarkSixtyOne

Hi
We have just received notice that the holder of a second charge on our property is taking us to court to repossess.
My question is this; As the property is currently in negative equity, and not even covering the first primary mortgage chargeholders liability, can the secondary charge holder still successfully repossess, even if they are unable to get any proceeds from the subsequent sale of the property due to the total lack of equity, and being in a queue behind the first charge holder?
Thanks.

opinions4u

MarkSixtyOne wrote: »

Hi
We have just received notice that the holder of a second charge on our property is taking us to court to repossess.
My question is this; As the property is currently in negative equity, and not even covering the first primary mortgage chargeholders liability, can the secondary charge holder still successfully repossess, even if they are unable to get any proceeds from the subsequent sale of the property due to the total lack of equity, and being in a queue behind the first charge holder?
Thanks.

Yes they can. Both lenders can then pursue you for any losses incurred as a result of negative equity and repossession costs etc.

gerryscot

Due to my disability i am currently on oxygen waiting for a lung transplant. I have no arrears on my mortgage payments however unfortunately i am unable to pay the monthly payments on my secured loan i currently have with Black horse finance. They are aware of my severe health issue's however the only communication i receive from them is in the form of sheriff officers. I received a letter from them this morning informing me they will evict me from the property next week.

Can anyone please offer me some urgent advise!!!!

Joolz307

Hi,

Hope you can help me out.

My Hubby was made redundant and we have asked the bank to allow us to go interest only - they have refused.

We rang again and asked what other options we had and we were told the only thing they will offer us is a 6 month payment holiday - but this affects our credit rating.

I am so annoyed as we have never fallen behind in payments, never been overdrawn - we have been model clients. Now we want something they have turned their backs on us...well that's how it feels! To make matter worse were fixed at 5.7% so have been paying a small fortune

Soon enough all our savings will be gone and we won't have any other way of paying our mortgage. The house is now going up for sale - but we don't expect to sell any time soon.

Is this right? And if not who do I go and see to plead our case?

Many Thanks,

mark581

Hi, After struggling to make the payments on my mortgage for the last year with Abbey/Santander I have finally come to the stage where I can no longer afford to keep the house. I bought the house at the hieght of the housing boom and so now I am sitting on negative equity. To try and resolve the issue I contacted Abbey and asked if they would let me sell the house and arrange to lend me the shortfall on a personal loan basis. This question was met very positively and I was assured that Abbey had a dedicated department that dealt with this very issue. After this conversation I went ahead and put my home on the market paying for the HIP and appointing an agent, to my delight I recieced an offer from my first viewing for only £10k short of the total outstanding mortgage, I was over the moon. Then when contacting Abbey the third time (the second was to ask what to do next, they told me they needed the name of a solicitor acting for the sale) they pointed out that there was no such department and that any shortfall would have to be met by a personal loan of which I won't credit score. This has left me sunk! Abbey have now told me that they will not transfer secured lending to unsecured lending and that if I continue to miss paying my mortgage they will reposses and sell the proporty themselves leading to an even bigger shortfall and then persuing me through the courts for the difference. Question is Can I make them see sense and allow me to sell the house??? If I can't them I'm in massive trouble, I work for another Bank who will view my financial problems as gross miss conduct and sack me, plus I am due to start my training as a Police Special constable and again that will end if I have court proceedings. I'm at the end of my tether and really need some help!!!! Thanks for reading. Mark!

carmen_sm8

mark581 wrote: »

Hi, After struggling to make the payments on my mortgage for the last year with Abbey/Santander I have finally come to the stage where I can no longer afford to keep the house. I bought the house at the hieght of the housing boom and so now I am sitting on negative equity. To try and resolve the issue I contacted Abbey and asked if they would let me sell the house and arrange to lend me the shortfall on a personal loan basis. This question was met very positively and I was assured that Abbey had a dedicated department that dealt with this very issue. After this conversation I went ahead and put my home on the market paying for the HIP and appointing an agent, to my delight I recieced an offer from my first viewing for only £10k short of the total outstanding mortgage, I was over the moon. Then when contacting Abbey the third time (the second was to ask what to do next, they told me they needed the name of a solicitor acting for the sale) they pointed out that there was no such department and that any shortfall would have to be met by a personal loan of which I won't credit score. This has left me sunk! Abbey have now told me that they will not transfer secured lending to unsecured lending and that if I continue to miss paying my mortgage they will reposses and sell the proporty themselves leading to an even bigger shortfall and then persuing me through the courts for the difference. Question is Can I make them see sense and allow me to sell the house??? If I can't them I'm in massive trouble, I work for another Bank who will view my financial problems as gross miss conduct and sack me, plus I am due to start my training as a Police Special constable and again that will end if I have court proceedings. I'm at the end of my tether and really need some help!!!! Thanks for reading. Mark!

Hi Mark
Abbey have a payment holiday clause - am I to assume that you have already used up this option and deferred payment?