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House Sale vs Repossession
phillymitch69
Posts: 20 Forumite
Morning all.
I went BR on 29th June with mortgage debt to Northern Rock being a significant factor alongside much else. At the time of going BR, the house was on the market in an effort to reduce my debts. As luck would have it, no offers or even viewings until after the 29th!
I informed the OR of the offer - way below asking price - and she instructed me to inform NR. Part of the mortgage with NR was an unsecured loan (their now infamous Together mortgage) so £30000 was written off in the BR.
NR now want to push ahead with the sale and want it all tied up very quickly - at first I was in agreement as I felt it would be a burden off my back. Now, I'm not so sure and feel uncomfortable at their haste and the effect it will have on me. I can't afford to pay the mortgage, even at interest only rates, but I am willing to allow it to be repossessed in due course as I recognise that this is what must happen.
Can NR sell without my say so? I am waiting for a reply from the OR on this but so far she has been very difficult to get hold of and even more difficult to get a clear answer.
The time it would take NR to repossess would give me time to sort my affairs out - a 3rd world charity have offered the chance to go overseas next year to use my skills and experience and I am mulling over the full implications of this and want time to consider my position. I don't really want the difficulty of finding a short term let as a BR and I need time to sell furniture etc. In all honesty, I feel v pressured by NR and just want more time!
Even though I am BR, do I still maintain some rights over the house? Before I contact NR and say I won't allow you to sell it but you can repossess, I want to be sure of my facts and not look a complete fool!
Advice gratefully received. May copy and paste this in the CCCS box if people think that's a good idea..?
Phil
I went BR on 29th June with mortgage debt to Northern Rock being a significant factor alongside much else. At the time of going BR, the house was on the market in an effort to reduce my debts. As luck would have it, no offers or even viewings until after the 29th!
I informed the OR of the offer - way below asking price - and she instructed me to inform NR. Part of the mortgage with NR was an unsecured loan (their now infamous Together mortgage) so £30000 was written off in the BR.
NR now want to push ahead with the sale and want it all tied up very quickly - at first I was in agreement as I felt it would be a burden off my back. Now, I'm not so sure and feel uncomfortable at their haste and the effect it will have on me. I can't afford to pay the mortgage, even at interest only rates, but I am willing to allow it to be repossessed in due course as I recognise that this is what must happen.
Can NR sell without my say so? I am waiting for a reply from the OR on this but so far she has been very difficult to get hold of and even more difficult to get a clear answer.
The time it would take NR to repossess would give me time to sort my affairs out - a 3rd world charity have offered the chance to go overseas next year to use my skills and experience and I am mulling over the full implications of this and want time to consider my position. I don't really want the difficulty of finding a short term let as a BR and I need time to sell furniture etc. In all honesty, I feel v pressured by NR and just want more time!
Even though I am BR, do I still maintain some rights over the house? Before I contact NR and say I won't allow you to sell it but you can repossess, I want to be sure of my facts and not look a complete fool!
Advice gratefully received. May copy and paste this in the CCCS box if people think that's a good idea..?
Phil
0
Comments
-
They cannot sell it unless they repossess it first. Your BR has no bearing on what NR can do to you.
If you do decide to let them repossess they are likely to want you to sign a Deed of Acknowledgement, which you MUSTN'T do, signing this after your BR date would make you liable for the shortfall.
HTHAccept your past without regret, handle your present with confidence and face your future without fear0 -
HTH? It certainly does!
Thank you Peachy:T0
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