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

Jenna

Hey SNM,

Well done for having a nice bath and taking care of you (and I think I saw a glimmer of humour in there about the water being mostly tears - well done that's a good sign )

Look - you didn't do this on purpose - and the banking crisis isn't your fault. You did the best you could and made the best decisions you could at the time with the information you had. What more can anyone ask of you? So yes it's a mess but you're trying your level best and can and will get this sorted.

I know that doesn't feel possible right now but it IS. You've already found DFW, posted, tried to contact CCCS and talked to your Mum and hubbie. And that's just tonight!

Please keep posting hun. I know all too well how lonely it can feel when you're at the edge and desperate. But remember there are people who love and care for you - and we also care and are here for you xx

Jenna

Oh - you would need to get specialist advice on this - but just had a weird idea. What if your Mum 'sold' your hubbie her house (as he's not on your mortgage) then you and she could go BR. But your Mum's home would be protected (I think).

As I say you really must get specialist advice on this. But it's just one thought. And there could well be better ways too - CCCS and/or other org's will be able to help you all plan a way through this.

xx

gizmo111

Oh - you would need to get specialist advice on this - but just had a weird idea. What if your Mum 'sold' your hubbie her house (as he's not on your mortgage) then you and she could go BR. But your Mum's home would be protected (I think).

No it wouldn't - she would have the cash from the sale which would go into the BR, or it would be a transaction undervalue and the OR coud reverse it.

What sort of equity/assets does your mum have?

I would wait until the house is sold and then see what the total debt is. Worrying about it won't help at the moment.

nervousmother

I would not advise anyone to do anything like that with regards to BR. The official receiver has the power to 'undue' any transactions he thought to be 'against creditors interest'.
As I have said before, take proffessional advice. Your best bet may be to offer a lower amount as full and final settlement.
Getting yourself depressed and worked up is helping no one. especially your baby. You have already spoken to OH and mum so the door is open, You need to speak to them again about the possible consiquences of Northern Rocks actions. It sounds like you have a lovely family, dont shoulder this burden alone.
I wish you all the best, I hope things work out for you. I know how your feeling. I am just glad I had no one else involved and we were able to go BR.

Sadnewmum

I have never been on the laptop so much - trying to get as much info/research done as possible. I have the numbers for the National Debt Line so will be trying them tomorrow, and have read their fact sheet which was really helpful. (found it through a link on this great site!).

I think it's going to be a rough ride, I will be happy to get some professional advice. From what I read it's not going to be as harsh as I imagined, as in they can't force my Mum to sell her house or assets, they can however put a charge on her property if I don't make some sort of offer of payment to them. I will do everything I can in order for this not to harm my Mum.

I don't wish to offend any men on here... but my OH still seems oblivious to the seriousness involved! Thankful I have you guys on here otherwise I would feel like hitting my head against a brick wall!! All I've had from him is 'don't get upset' blah blah... like I am upset over breaking a nail! Argh!!

boredofbeingathome

Well you are sounding a tad better...I am sure that the more you look into it all the better informed you will be.
Sleep well.x

System

Hi SNM, some great advice up there. Have you told your mam? Reason I say this, as hard as it may be, is that you should not underestimate the help that is available around you as well, I mean your family. Please don't despair, there is a way out. Len x

Bunnyinthelights

SNM,
I can completely understand your fear and worry.
My son was 5 months old when I had to face up to the fact I was £52k in personal debt and my husband didn't know. I had to tell him as it was all about to hit the fan (which it did) and at the time, the only thing I could think was that my family would be better off without me.

We have come through it. I am on a DMP with CCCS, I shall be paying back my debt for quite a while and my husband and I have had some VERY hard times, but we have come through it. Bottom line is, we are together, happy and it truly is JUST MONEY. Even if you and your mom lost the house/s you would still be alive and together. Please know that this is all that matters. Truly. I know it may seem futile by please go look at your baby and KNOW you will get thru this.

this site changed my life. Please stick around.

Walter_J

Sadnewmum wrote: »

My home has been repossessed, and Northern Rock have put it back on the market 55k under the asking price... can they do that. I have only just found out from looking through our local paper. It would leave me 60/70k in debt if they do that - will costs etc.

I feel suicidal.. I don't know what to do.
Please help

My sympathies are with you. Yours is just one of millions of families who have been conned into believing the lie that property prices are a one-way bet.

Northern Rock is perfectly entitled to sell the house for whatever the market price is - in this case £55k less than its previous asking price. House prices are collapsing.

They will come after all the named parties on the mortgage agreement for any shortfall. You have a joint and several liability, which means that they can go after each of you for the full amount.

I'm a little confused as whether the mortgage is in yours and your mothers names, or in yours and your husband's, with your mother acting as guaranteur. Either way, the end result is pretty much the same.

In normal circumstances bankruptcy would be the obvious solution for you and your husband. I suspect that 95% of people who are repossessed over thext few years will opt for bankruptcy in order to avoid being pursued by the bank for any shortfall on the mortgage. It makes perfect sense.

The complicating factors in your case however, are your mother's involvement and your statement that your husband 'can't' go bankrupt. Is this because of the job he is in?

Ultimately unfortunately, your mother's home is at risk.

You paint that she was doing you a favour by helping you to buy a house. In fact though, she wasn't. She is old enough to remember that house prices have collapsed many times in the past and to know that when prices get too expensive they are due to fall back again. By encouraging you to take out a mortgage that you couldn't aford she has contributed massively to the mess you find yourselves in.

What I am saying is don't burden yourself with guilt that your mother may lose her home. If it happens then she has brought it on herself.

Good luck.

aop

Sadnewmum wrote: »

My home has been repossessed, and Northern Rock have put it back on the market 55k under the asking price... can they do that. I have only just found out from looking through our local paper. It would leave me 60/70k in debt if they do that - will costs etc.

I feel suicidal.. I don't know what to do.
Please help

It does sound tough but property right now is a tough business and prices have gone down quite a lot. It would help if you gave an idea of how much the house was on the market for, how much you paid for it and when that was. Clearly there's a world of difference between taking £55k off a house priced at £500k and £55k off one priced at £100k.