Voluntary Repossession

payingtheprice

Thanks,

We are at the moment, but spose its a small price to pay if our debts are cleared and we can sleep easy at night, not saying BR is the best option for everyone but we now feel it was the right decision for us and we just have to go along with what will be.

Without all the help and advice on here i dont think we would have coped as well so it feels good to share a little of our experience.

Hope all goes well for you.

Angiepange

Sorry if this sounds dim but would a bank repossess your house if you have arrears only ie they have to reach a certain level or do you have to stop paying the mortgage completely before they would do this?

we are paying mortgage at moment but not sure how much longer for, i never thought it would be this hard to find another job but i suppose i havent been in the greatest frame of mind lately as i think you just battle on through, i know i have neglected my health and i seem to wake up thinking about BRetc and go to bed with it on my mind too!!

Angie x

terr123

Hi Jimbob
I gave my property (in negative equity) back to the lender and the shortfall was included in the bankruptcy. The advice I was given at the time, though, was to be wary of what I was signing from the lender in respect of voluntary repossession. The lender will pursue you for the shortfall if not bankrupt. As per the advice above, I secured a rental property beforehand.

Hope this helps

terr123

Angiepange wrote: »

Sorry if this sounds dim but would a bank repossess your house if you have arrears only ie they have to reach a certain level or do you have to stop paying the mortgage completely before they would do this?

we are paying mortgage at moment but not sure how much longer for, i never thought it would be this hard to find another job but i suppose i havent been in the greatest frame of mind lately as i think you just battle on through, i know i have neglected my health and i seem to wake up thinking about BRetc and go to bed with it on my mind too!!

Angie x

In my case it was about 3 months before they started getting serious. Even then I got mixed messages, they were still contacting me saying that it still wasn't too late to make some arrangements, the day before they formally repossessed.

jimmyt1885

excuse me for probably not following protocol on this as it is first time I have used this type of forum.
I watched a programme recently on TV I think it was called fallen and it showed a story of a young security guard who was miss sold a mortgage by his so called freiend just before the credit cruch which led to them being repossessed. Anyway to cut to the chase this made me think of investing in property but also trying to help people in similar issus.
I went on to the internet and quickly discovered a lot of companys seemingly preying on this type of in their words opportunity.
So what i want to do is to see if I caninvest in some potential properties which are about to be repossessed, obviously at a lower than current value, but then offer the existing owner to stay in their home as a tennant.
Am i being niaive or does anyone believe this will work.
Bye the way i suppose I had better make it clear this is a genuine offer and I am not linked to any company which specialises in this type of business. I am 52 years of age have just over £100k to invest and need to start planning for retirement or even redundancy

jimmyt1885

OMG I should have checked my spelling first before sending
Sorry, told you that I was a virgin blogger

copier_guy

Hi Jimmy,

Whilst i take you post as honest and genuine, sadly there are a lot of these companies around.

Buying peoples homes for a lot less than market value and then hiking up the rent year on year till its becomes unaffordable.

Whilst you may be honest and genuine, unfortunately your swimming with sharks.

Good Luck

geoffky

jimmy..are you sure you want to cash in on someones misery. these people are at there most vulnerable and do not need sharks swimming round them..

pleasegivekarenadvice

Angiepange wrote: »

Hi,




Please can I ask what help have you been offered by your council/housing association ?

From my research I understand that you could be on the street with your belongings on the day of eviction before the council will offer you any where to live and then could be bed and breakfast for weeks? Tough to handle with 2 kids and pet dog! I suppose it depends on the area?

Ive got appointment with CAB next week and its our house situation that i am really worried about.

Angie x

The council will put you into temporary accommodation on the day you are evicted.this can be very traumatic and is likely to be shared accommodation but it is a step to starting over.You wont be on the streets as you have children.best find somewher to store your belongings tho...friends and neighbours. whilst you are in temp accommodation the council will have 28 dys to decide whether or not you are intentionaly homeless. They may ask you to find private rented and offer you a deposit bond scheme.which is like an interest free loan.They may offer you coucil/housing association.Each council is different. i work in housing so if you need any more advice just ask.Good luck.