Mortgage Rescue Discussion Area

scorpio_stu

Equity: about £10 - 20k
Reduce further: as above but I'm not going to put our bottom line in the asking price we have left room for negotiation.
Wife:Self employed mortgage broker that ticks over but has built up bad credit over the past two years since she has been in business and now cant get a job in the financial market,she has applied for 30 jobs across the job market to date.
Rent out : Possibly but it will be a minimal amount extra which would have to be put away for any repairs needed.
Looking good isn't it

ILW

If wifes business is doing nothing, why not Tescos or similar for a while, should bring in around a grand a month which would help until you can sell.

scorpio_stu

She has applied for numerous jobs so far and most don't even reply. She has also tried taking her qualifications out so she doesn't look over qualified.
We will keep trying

pleasent

i went to my local authority for some morgage advice in summer 2010, i am a single parent and i was struggling with my morgage though not in arrears at the time. they discussed the options with me and discussed the morgage rescue, they stated that as i was not in arrears at the time they advised that i do not make payments to my morgage to enable me to access the scheme, i was very apprehensive about this, though they assured me that they would support me through the whole process, as they are the local authority i felt assured that they know what they are talking about.

time went by and i contiued to keep in touch with my adviser via e-mail, i continually asked for reasurence that i was doing the right thing and that funding for the rescue was still available due to all of the cuts, they continuall reasured me that all is well.

i got to the point were the arrears were enough to proceed and an inspection of my property was carried out, the application was complete and forwarded to the time2buy team. on my return from annual leave i was met by an e-mail stateing that the application had been returned to the local authority as they were not taking on any further applications.

i am now in arrears:( and frighted to death i will loose my home. i followed all of their advice. i have a meeting with the local authority next week to look at options. does anyone have any advice, carnt sleep, eat in an awful state. i have printed all of the e-mails off so i do have evidence of the advice i have been given,

beecher2

I presume you've saved the payments you would've made without this advice and have the money available to clear your arrears? I can't imagine they advised you to not make your payments, and to spend the money so hopefully this is the case.

Is this the scheme?

http://www.time2buy.org.uk/Mortgage_rescue.php

Nowhere does it mention having to be in arrears to be eligible

Who can get help from the Mortgage Rescue scheme?
To be eligible for the scheme, someone in your household must be considered to be in ‘priority need’. This could be:

• Someone with dependent children; or
• A pregnant woman; or
• Someone who is vulnerable because of old age or a physical or mental impairment.

Other eligibility criteria which you will need to meet, includes:

• Your household income is less than £60,000;
• The value of your property is no more than £125,000 (although properties which exceed this cap will be considered on an individual basis);
• You should have no more than 40% equity in your property;
• If you are in negative equity it should not exceed 120% of your property’s value;
• The property is suitable for your needs, e.g. it is not overcrowded;
• You shouldn’t own a second home.

and the highlighted part is of interest too

Once you have been referred to Time2Buy, it can take between three to four months to complete the process. This is similar to the time it might take to sell your home, because you will be going through a similar process that involves having your home valued and Time2Buy will also have to negotiate with your lender(s). It is very important that you keep up with your mortgage repayments during this time. If you cannot make the full payment, talk to your lender about what you can afford. If you need help with negotiating this, ask your money adviser.

Get in touch with Citizens Advice, or Shelter.

Hump

Mortgage rescue is undergoing some dire changes;

The purchase price is being dropped from 97% to 90% of the market value
Local authorities are being asked to 'gate keep' the process - hence deciding which cases should proceed (which goes beyond the simple idea of 'priority need')
Plus the scheme will now close by April 2013