Govt Mortgage to Rent Scheme/Will it save my house?

MicheH

I'm not on here much now Angie but just catching up on your journey.

You know what I've been through on this journey, it's been bad enough but to think you've been dealing with this all along the process. My hat goes off to you, always wanting to help others, always cheery and kind (mmmmmmmmmmm curry lol) It's been so long Angies. I'm hoping and praying for closure for you and a happy endingx

fatbelly

Angiepange wrote: »

The Mortgage rescue, mortgage to rent option we are going through is a separate scheme. I am not sure how many have been successful now? I cant find any up to date figures but from what I can see the Govt are continuing with funding for this scheme for the forseeable future.

The latest statistics should be out mid-August. I believe the figures are now rising sharply.

The latest published figure is 629 to March 2010

(Local authority and fast-track applications where the household has completed the full process and accepted an offer through the scheme. An offer is classified as 'accepted' by a local authority once the contract between the household, lender and RSL has been signed and finalised, i.e. once the 'stand still' period has elapsed and conveyancing is complete).

Angiepange

News !

I heard from my solicitor. The Housing Association have had documents from the mortgage company about the shortfall and are sending them out to us. The HA are tentatively hoping to complete next week.

I am now shaking with fear I want this so much but I am scared to death the mortgage co will refuse to write off the shortfall. I need to calm down and wait for these forms to arrive in the post and see exactly what they are asking of us.

Its all so close now, where I should be ecstatic we are coming to the end of mortgage rescue meaning we wont be evicted and put out on the street, I feel frightened and helpless. It all rides on how the mortgage co. will respond.

NellieNewbie

Everything crossed for you Angie.

sillygirl73

Oh Angie, you are so close!! Really hope it all works out xx

We have our meeting with the council next month to discuss our options inc MR, so at the very beginning of the journey. Will also have shortfall of between 5-10K so will be closely watching your progress.

Sunnylooloo

Angie I have EVERYTHNG crossed for you!!

xx

confused76

ooh Angie...progress....everything crossed for you.....xx

NellieNewbie

The government's interim report on the schemes is published today here.

As people have said, it didn't work well to begin with, but is more organised now.

Angiepange

Thank you so much for the replies :A

Just had a phone call from the HA. Their advice 'just sign the forms for shortfall, send them to mortgage co then we can complete as soon as'

I was cautious in my response because lets face it, they are the ones buying the house, I dont want to upset them.

Put the phone down, then it all hits again like a sledgehammer so was in tears . I emailed CAB and asked them who will help me negotiate the shortfall issue? I said I dont feel I am up to doing that on my own. How can little old me deal with a massive mortgage co on such a delicate issue, what am I supposed to say to them? 'Please write off the shortfall as we are bankrupt, can not afford to take on new debt on the income we have' :(

CAB's advice was to approach any forms with extreme caution, get in touch with my council and the solicitor when the forms arrive before doing anything else. So thats the plan now.

I am also preparing a revised financial statement which will show them if needs be that we can not afford to pay any shortfall debt.

I understand the HA's position, the sooner we complete the sooner they start receiving rent from us. But from our perspective, we are bankrupt, the circumsatnces that brought us to it have been hell. Its an experience I would never ever want to repeat and the thought of putting us into a position of massive shortfall debt fills me with dread.

I have constantly questioned myself while going through mortgage rescue whether it was the right thing to do. The constant hurdles and setbacks have felt endless, however I would still do it all again. Because lets face it, the alternative means repossession, becoming a burden to the council, temporary accommodation on eviction and then god knows where we would live.

Angiepange

NellieNewbie wrote: »

The government's interim report on the schemes is published today here.

As people have said, it didn't work well to begin with, but is more organised now.

Hi NN

Thank you so much for posting this link :A. I have had a brief look as not had chance to read all through the 192 pages :eek: yet

Obviously the section on writing shortfall debt off is of massive interest to me at the moment so I will have a thorough read.

I cant thank you enough :A

Angie x