A lot stupid - with mortgage

worried_jm_30

Hi all, i really need some advise (like everyone on here i guess), Me and my hubby are in real trouble, long story short our house has been repossessed.
We have had our house on the market for about a year with no interest in it, we had a phone call from the estate agents this morn saying that she went to do a viewing and the locks had been changed and there was a legal charge notice on the door, giving us 7 days to remove our things (we do not live in the property, we live 40 miles away), things went wrong in dec 2008 when my wages got cut by half and then (april) i became ill with what doctors suspected was cancer (still being investigated), we have got a letter from G.E. money (mortgage lender - interest only mortgage) dated 23rd of April 2009 saying our last payment was 9th Dec 2008, and that they hold a possession order but when we spoke to G.E today they told us the house was taken by possession on 8th dec 2008 which i dont get. The gent who i spoke to said we could have possession back if we pay the arrears plus the intrest and the possession fees + legal fees, they are as follows,

Arrears= £2997.87
Intrest being charged = £2381.46
Repo cost + legal cost = unknown the gent said could be in area of £2000

So we have to find around £7000 to get our home back, is there any advise out there for us.

I don't remember a possession order.

We have been asked to send a letter to them as to why we are in arrears and 3 months pay slips and also confirm where the money is coming from to pay the outstanding amount.

Please i feel physically sick with this i don't know where to turn.

Would it be prudent to send Subject Access Request for info they have as i honestly can't remember getting anything through the post about possession order and i have two pieces of conflicting evidence as to when the possession took place.

ziknik

Hi,

Firstly, try not to worry. There’s nothing to be gained from worry.

Secondly, do you want the house if you are not living in it? If you are living somewhere else, it might be better to let it go. It’s one less thing to occupy your mind.

GE will make you to make up any negative equity after the house sells but I am sure citizens advice can get them off your back while you are unwell.

I hope you get better soon

ziknik

BTW, bump your own post tomorrow morning if it falls of the first page. There a lot of clever people here who will provide helpful information

SouthCoast

Contact Shelter:

http://england.shelter.org.uk/get_advice/repossession

jbindebt

Recently had Shelter represent me FOC during my repossession. Both of us working just mortgage was astro! Shelter were BRILLIANT and stopped us from worrying. Were on a suspended repo but even the judge agreed that it was a formality we shouldn't have had to endure.Sorry, but to see the Mortgage Company Solicitor have the smile wiped from his face was priceless. Needless to say we are still making ends meet but the fear is gone as long as we keep to the agreement. PLEASE speak to them urgently and get a decent night's sleep. Good luck.

silvercar

When you moved 40 miles away, did you inform the lender that you had moved out? If not then it is very likely that they would assume that you lived in the property, so notices about a pending repo would be served to the property.

HAve they actually repossessed? If so, you would need to go back to the court and get the repo order suspended. This means agreeing a repayment strategy to cover the arrears and keeping to it. Even though the lender is asking for all up front, judges can and do agree to arrears being cleared over months or even a couple of years.

The main question is whether you want to avoid repo. Presumeably you have somewhere else to live and would want to sell? It may be worth letting all this go and concentrating on your health and income. GE will come after you for any shortfall on sale, but they generally give you time to sort yourself out first.

From what you post, I suspect there might have been a suspended repossesion order in the past and you failed to keep to an arrears plan, allowing the lender to quickly gain reposession.

itsakidsworld

Hi,

I would advise that you seek free legal advice as soon as possible on this. You have two choices, you either want the property or not and both situations require legal advice to make sure you are under the guidance of a reputable adviser who will look after you.

From trying to digest your story it appears you have given up on the property and maybe tried to "escape" your troubles by moving elsewhere- maybe rented? This may be the reason why you have ignored letters which maybe piled up at the address and you have not had the heart or mental strength to go back and check out- a normal feeling in this situation and one felt by many.

Would it be possible for you to provide more details such as how much you think the property may be worth in its current condition, what it could be worth in A1 condition and what the mortgage is? Capital/ interest or interest only? Any insurance policies tied to the mortgage which are or were paid upto date at time of notices? A policy may cover the mortgage in full, payment whilst of work and even critical illness cover so worth checking out?

From here we can all get a clear picture and hopefully provide a solid footing of advice for you to take to a solicitor. An appointment with the citizens advice is a must along with shelter as your first step.

People are very quick to pull mortgage companies to pieces but they lend money- in a responsible manner or not- and they have to act on what is best for their own interest. YOU have to do the same and act in what is best for your own interest and hopefully pull your head out of the sand and get this situation put to bed one way or another to move on with your life.

Your health is the most important thing and I hope that your illness is not as serious as you post. If it is I hope you find the strength to recover and get your life back.

Please keep the questions coming for help and the very best of luck with your health which is the most important thing in life.