Northern Rock Selling House 55k under asking price!!!

nervousmother

Sadnewmum wrote: »

I'm just sat typing in tears, Ive just tried CCCS but their lines are busy and a recorded message asked me to call back.

The house is in joint names, I can go bankrupt but my OH couldn't, meaning they would chase him for potentially 35k. God I feel like theres just no light at the end of the tunnel, like we will be in debt forever.
How can they do this

I hope you read my above post. If you went bankrupt and your partner did not they would chase him for the whole of the debt not just half of it.

These banks have a 'duty of care' to us but the sad fact is it is not a legal obligation just a moral one. They can argue that due to market conditions they had to reduce it in order to sell it. It still may not sell for that price it may go cheaper. (they reduced ours another 20k after we had gone bankrupt) What is the reason why your OH cant go bankrupt?

I will also tell you, once the house is sold you may not hear from them for a couple of years, but they have got 12 years to chase you for that debt. meaning you get your life back on track maybe buy another property, then 10 years later they come and swipe it all away. This was the major factor in us going bankrupt.

Sadnewmum

I'm on maternity leave, but have been recently made redundant too - so no job to go back too now. I have no other personal debts, I have always tried to be so careful.

The full story is my Mum is the other name on the mortgage - she did it so me and OH could get it in first place. We had a few great years then interest rates went crazy, we sold alsorts to try and manage then I fell pregnant.

God I've never felt so low, I hate money!

Sadnewmum

Oh god so they could chase my Mum for the whole of the debt, all because she was kind enough to help us onto the property ladder. What have I done.
I can't handle this, she would be left with nothing

nervousmother

As awful as it is they will go after your mum for the outstanding amount If you go Bankrupt. Northern rock have created a right mess in real peoples lives. Im sorry your going through this.

Nargleblast

Persevere with phone calls to CCCS or check out their website - you need professional help and fast. There will be a solution that is right for you and then you, other half and sprog can get on with your lives. You have each other and that is what matters.

Broken_hearted

nervousmother wrote: »

As awful as it is they will go after your mum for the outstanding amount If you go Bankrupt. Northern rock have created a right mess in real peoples lives. Im sorry your going through this.

Blaming the bank won't help. We need solutions which by the looks of it are going to be a nightmare no matter what.

Sadnewmum

I just can't believe they could put the property up 55k under the asking price - how do they expect people to pay that back and live a life?

skylight

They are going to chase all mortgagees with equal vigour as you are all liable for the outstanding debt. They won't "split" the debt - so they won't chase you for a portion, OH for his share and your Mum. The whole debt will only "disappear" for everyone if everyone went BR or its re-paid.

What you may be able to do is negotiate a repayment plan with them. But you will not be able to do this until the place has been sold and it actually becomes a debt, and you will not know how approachable they will be on this count until then either. If you and OH have no assets and your Mum has little or no assets then this would be the best course of action for them as they will not realise anything from the debt otherwise.

Of course, the place is just up for sale at that price at present - right now it is not a debt. Is it comparable for the market place? It could be that they have reduced the price to get several people interested so they place higher bids. Its risky, but if you look on the housing boards its a practise that appears to be making a small comeback, even in this climate. So there is the very possibility that the debt will not be as horrendous as it first appears.

Cluedo_2

Hi there

We gave our house back to Northern Rock July 08 we had had it on the market for 170000 they have recently sold it for £129995, so I know how you feel......
:mad:

Jenna

Hunni,

Just wanted to say ... please don't worry about the details of all this mess right now. It's too overwhelming for words and that can make things seem even worse than they really are.

Take a deep breath and think to yourself that you've got your hubbie and baby and that (I promise) is ALL that really matters in this world.

Then go do something nice for yourself (you deserve it) - make a cuppa or have a nice bubble bath, maybe put some soothing music or candles on too.

When you've done that, try CCCS again, and come back here too and let us know how you are.

I am really worried that you are trying to find a solution whilst you're obviously feeling so upset and desperate.

Things are bad, yes, but they are gonna seem worse right now for you than they are. You need to talk to someone (go get a hug from your hubbie or little one if nothing else!) and feel a little calmer and - guess what - we are all still going to be here to help after that.

Will you do that for me? xx