House reposessed- where now?

ct24

I have already posted this on BR board and was sent over here, so here we go...

Sorry if in wrong place .
Ok so i have lurked for a long time but now need some advise. In june 2008 we had a possion hearing and i was agreed with the judge to let us stay until the 23rd August. We vacated the property on the 1st of august and returned the keys in time to GE money on the 21st August by recorded delivery.
We assumed that this was as they wanted and as agreed. However we had a letter in feb saying the house was nw in the care of GE money. So i have been checking on rightmove etc with no luck. Today i have a letter from council tax showing a £0 balace and saying from 23rd Jan in possession of mortgage co. So again checked on rightmove, nothing, decided to google the address and there it was, our old house with the local dim wit estate agent that doesnt even advertise on rightmove or the other one (propertyfinder?) It is up for £139950, we payed £174000 in july 2005 - oh dear!
I understand the current market is shocking but here are my questions?
1. Why have GE Money taken so long to take the property (6 mths)?
2. Why are they selling it at such a low price, and 6 mths too late (obvisously the market has changed in the last 6 mths)?
3. Do we have any comeback when the property does sell, we had it up for sale at £198k in may 08 with and expected figure of £180k to be reached?
4. Can we dispute the extra intrest/payment due over the 6 mths?
5. What happens with the left over amount we owe? i understand they can chase for 12 years. We also owe aout 20k on a secured loan and maybe £5-10k on other old debts. Our credit history is shot anyway, so what would happen if we go BR?

Sorry for all the questions.
Any help would be great. Thanks

zone

All these companies usually take months to do anything. The price it sells for will depend on what the demand is and the condition of the property. If it doesnt sell through an EA they will probably try the auction route.

Are you considering bankruptcy?

m_13

We bought a repossessed property this month. It was repossessed back in 2007. I think these things can take a very long time to sort out and for sale. When I handed my keys back in the early nineties though the property was sold with the lenders own EA and was gone in a flash to a builder mate

We were able to prove that the sale value was far too low and that Halifax had acted unreasonably in the costs they had added on to my debt (they said they had boarded, capped off gas etc but I was able to prove they had done nothing at all). My complaint to the ombudsman was successful and my debt written off but I was extremely lucky.

ct24

m_13 wrote: »

We bought a repossessed property this month. It was repossessed back in 2007. I think these things can take a very long time to sort out and for sale. When I handed my keys back in the early nineties though the property was sold with the lenders own EA and was gone in a flash to a builder mate

We were able to prove that the sale value was far too low and that Halifax had acted unreasonably in the costs they had added on to my debt (they said they had boarded, capped off gas etc but I was able to prove they had done nothing at all). My complaint to the ombudsman was successful and my debt written off but I was extremely lucky.

You have done full circle then! thanks for your help, i think i will gather all that i can and then go from there when it sells, that is if we dont go br before then!

ct24

zone wrote: »

All these companies usually take months to do anything. The price it sells for will depend on what the demand is and the condition of the property. If it doesnt sell through an EA they will probably try the auction route.

Are you considering bankruptcy?

Yes we are considering bankruptcy, as it look like we will owe about £80k when the house does sell. Not an easy step to make but i dont see any other way forward. I just want to get on with our lifes as a family and leave the problems/memorys associated with the house in the past.

If anyone else can help that is great.

whathavewedone

Don't really have any advice but just wanted to say good luck. I hope you've found somewhere ok to live now.

ct24

Yes we found a nice place to live, renting private, and tbh we havent been this happy since selling our first house.
Thankyou for you kind message

silvercar

If you are seriously considering bankruptcy, you don't need to wait until the house is sold. Once it has been repossessed (sometimes before) you can get the negative equity included in the bankuptcy. Any debts that have occured at the time of bankrupcy will be included, as the neg equity already exists it can be included.

geoffky

ct24 i never went bankrupt in the 80s after repo as i had my hiding head on but they caught up with me ten years later after i had got married and had kids to a dif person and they wanted paying.....so go bankrupt and get it out of the way..