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

nervousmother

Cluedo wrote: »

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:

A lot of people are in the same situation. And I am sorry but I do blame the bank. If they had agreed to re-do our mortgage deal we would not have been in that situation. However I agree solutions are what is needed now.

What is your mums financial situation? does she own her own house and does she have large equity?

Please make an appointment with CAB, and any other FREE debt advice agency that you can find. Please dont pay for advice those companies are often in it for themselves.

It is hard to help you on the right road, I will say to you that you will all come through it, You still have each other. If you have no other debts I would sit tight and wait until the property is sold. You can try to negotiate with them It may be possible to offer them an amount 'in full and final settlement' if you were able to borrow the cash from somewhere else you may even get away with offering them say 30k maybe even less.

I dont know much about your story, but do you have large mortgage arrears? if so anychance of you paying those off and moving back in? maybe just until the market picks up?

If your other half and mother have no assetts then BR may be the best option. Please please get advice from somewhere like the CAB.

gratefulforhelp_2

Sadnewmum,
there are three people at least you have spoken of who need you with us and in one piece.
it's good advice about Samaritans if you need to contact them, don't hesitate.
God bless you and your family, Good luck.

Jaggers_2

What a frightful mess. The government are ecstatic that Northern Rock are paying their debts back to the tax payer faster than anticipated. This I'm afraid is the real cost of Brown/Darling's largesse.....

A couple of questions. Does your mum have assets that can cover the debt? You state that your OH can't go bankrupt. Is this because of his job?

Did you go directly to Northern Rock or were you advised?

Lastly. Remember you have a little child who needs you to be strong. You can and will come out of this intact.

nova

Hi Everyone,
Really sorry to hear of your terrible situation,l really dont know what to say, but you're getting plenty of advice and support.
l dont know why, in situations like this (believe me, you're not alone) the lenders cant come to some arangement with people to maybe have some sort of shared ownership until people get back on their feet. Surely it would suit all parties, people would'nt be taken out of their homes and the lenders would'nt have the bother of trying to sell it. Or you stay and just rent it off the lenders, after all thats what we're all really doing until the mortgage is paid off anyway.
Nova X

Sadnewmum

I can't cope. I just can't see I way out. If I go bankrupt they will only chase my Mum. Take everything from her, all she has worked for - just because her name is against my house. All because she wanted to help me.
It's all just too much

Sadnewmum

Thank you all, your all so sweet. I feel like I'm not so much on my own on here.

My husbands name isn't on the mortgage, just me and my Mum. My Mum has a lot of equity in her house, but I couldn't bare them to take that from her.

The possibility of having 70/80k of debt after it all is just so overwhelming, how can I ever repay that back without living hand to mouth for the rest of my life. My lovely little girl, I wanted so much more for her. It's such a mess

Jaggers_2

You can cope and you will cope. You have to for the sake of child.

Remind me. Who exactly was mortgaged? Can you tell me if you were sold the mortgage or if you went direct to Northen Rock? In other words do you have a claim for misselling?

Also where are you living at the moment? Are you in rented accomodation or living with relatives?

Sorry to ask so many questions but it is the only way to see exactly where the light at the end of the tunnel is. There is light, we just need to find where it is - it may be round a corner or two. I'm also sorry that I'm not good at the cuddly bit.

ceebeeby

SNM

Is your Mum aware of what's happening?

Where is your OH in all of this? Is he supporting you?

Look - I know it's been said before, but at the end of the day ... it's money! Yes, it's hugely stressful at the moment, but you're safe, your daughters safe and your Mums safe. AND THAT'S WHATS VITAL!!! You need to talk to the CaB or get a free legal session to try and get it straight in your mind what's happening. If needs be, speak to the Samaritans, who are trained councellors (sp?). Whatever you do - you need to stay safe for yourself and your family!

There is always someone on this forum, day or night, and most people are happy to echat. You're absolutely not alone.

Huge big hugs!

Nargleblast

Ditto to all that has been said so far. Ok so Mum has equity in her place, but have you really spoken to her about all this? It could be that she would rather lose all that equity than see you in the trouble you are in. I am not suggesting you should ask her to sell her place to bail you out, but very often we hold back from telling the full story to our nearest and dearest for fear of what they might think. Then the day comes when we have to confess all and they really stand by us and take us by surprise as to how much they care. As I said before, you have your family - that's what matters. Yes you are in a financial mess at the moment but get the right advice and a few months down the line you will be looking back and thanking your lucky stars you were able to work through it. You just have to drive your head through the pain barrier for now, none of us can take that pain on for you, but we can all wish you the strength to deal with things.

Sadnewmum

Ok so I have had my hot bath while OH looked after little girl. Think most of the bath water was tears, had an hour getting myself together on the bed. Spoken to my Mum and OH, they are both shocked at NR being so drastic with the asking price. They are both being lovely - but I just don't think it has registered to them how much trouble I am in.

My Mum simply said 'they can't get blood out of a stone' but I'm sat there thinking.. Mum they could take your house, your car... everything you and my Dad worked so hard for. (My Dad sadly passed away a few years ago).

Jaggers my situation is we moved in with my Mum last January, to try and save money so we could pay the mortgage, we made the final payment in May. So poor Mum has a house full, and I am married, with child.. living in my old bedroom with a looming debt that could potentially take my Mum down with me.

I've emailed CCCS as still can't get through on the phone, heard nothing back yet, but no doubt there busy

Thanks again everyone - you really don't know how much your messages mean x