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

NellieNewbie

Angie I think you are so far down the line that it will eventually happen for you, but I can understand why you and your husband are starting to think otherwise. You are stuck in the middle with everybody saying that's not my job every time a problem crops up. You are a perfect example why an organisation like the CAB should be representing you throughout the process. Even though it has been a nightmare for you, thank goodness you are capable of jumping through all the hoops - I wonder how on earth someone less able would cope? Don't give up hope.

My husband is so worried that when he rang me earlier, he said we should think about renting a storage unit and moving some of our things into it, in preparation for going into rented accommodation at short notice - it's hard trying to keep positive.

Angiepange

Thank you NN, you are so kind and my heart goes out to you too, I know you are experiencing difficulties too and you still take the time to offer help and encouragement. Im lost for words.

One thing I would say though is, after reading so many peoples experiences, repossession does not happen at 'short notice'. Although there doesn't seem to be any standard timescale, it looks like it can take a fair few months to happen. So maybe renting a unit might be an unnecessary expense at this stage? i hope others looking in who have gone through it might advise?

Good luck with everything and dont hesitate to shout, if I can help in any way I will.

Angie x

curly04

i stopped paying my mortgage July 09 they didnt write to me about repo till Nov 09 and its only because I pushed it to be repo'd cos I was BR and they knew there was nothing they could do my house was repo'd Feb 10

they had said it would have normally took another 6 - 12 months

that was with the Abbey
but if you have children etc and you are paying what you can if you go to court (which i didn't) the judge could give you longer

hopefully you wont have to go down this route

bat-out-of-hell

Angiepange wrote: »

But I cant walk away now, 'they' havent thrown us out of this home yet so maybe we have a slim chance to stay?

Will keep updating.

Angie x

That last line speaks volumes, i have quietly 'tested' a lot of things over the last couple of years, completly differant subject, but its surpriseing just how far you can push things.

I posted something a while ago that it was time to give in and accept the inevitable, but my OH is not BR yet, for the same reason, i just can not give up, not until there is no other way.....or the price for fighting is too high.........

You owe it to yourself to see this to the end, at least you will never look back and think 'what if' if you do.

That is almost worth as much as making it work.............

IF

Hi Angie and Nellie, Really wish I could help but send lots of love to you both lol x

Angiepange

Yet another update !!

:) just got back from an appointment with the local authority mortgage rescue officer.

Spoke to him for an hour and went through everything with him. I walked out of there feeling as though a little of the stress has lifted.

He is going to contact the lender personally, present our situation to them over the shortfall issue backed up with income and expenditure evidence to show we are financially unable to pay a shortfall debt, and details of our bankruptcy.

He said the council will step in with an offer from the repossession prevention fund and he said they will pay the fee the lender is asking for an independent valuation to be carried out before the sale can be considered. He said he will undertake negotiations to try and get the shortfall written off.

I can't quite believe how he is willing to help me, I could cry to be honest , a mixture of relief, hope and determination to succeed.

He has had a case where the lender refused to write off any shortfall and he took it to our local MP, who stepped in and took it up with a higher dept at the mortgage co, and got the shortfall written off!!!! So, he said if our lender refuses to co-operate then thats what we will do next.

We spoke in depth about the scheme. I didn't know that the fast track team no longer exist, due to govt cutbacks. I mentioned that with the mrs being under review is there a real possibility it could be scrapped at the announcement due in October. He said yes, thats a real possibility but that wouldnt affect existing cases. We also discussed the fact that there have been 629 successful rescues, which doesn't sound alot in the grand scheme of things, but he did point out that there are many more cases that are helped by the mortgage rescue process, because depending on peoples circumstances there may be other routes open to them to deal with their situation. He said MRS is a useful tool to the lender as part of many other options in preventing repossession and costly legal procedures.

I also had chance to discuss what would happen to us if ultimately the rescue fails and we are evicted. He said the council would step in and help with a homebond and 1 months rent up front in order for us to find private rental. I explained that having bankruptcy on our file is not going to make private rental easy and he agreed with that, although did say there are some landlords who might still help. Hmmm.... I asked him, what happens if we dont get private rented and we become homeless and he said if it gets that far, we would be interviewed by a homelessness officer, who would be going over our history with a fine tooth comb, to look for any evidence that we had made ourselves 'intentionally homeless' and many cases are turned down that way. I wonder what happens to those people then, but didnt ask that question.

So, im still on tenterhooks, hoping for the best outcome with this and I know there are no guarantees we will get the rescue. But as Bat pointed out in his post, we owe it to ourselves to see it right through to the end, so at least we can say we tried everything. And thats what I shall do.

Thank you again for everyone's fantastic support.

lorsy

You are my inspiration.........I know you will feel the warm sun on your face again at the end of this and when you close your eyes and smile its because you have peace...and thank you ( you know what for xx)

sillygirl73

Oh Angie..........what a rollercoaster!! So pleased that your meeting today was positive, it really sounds hopeful now......I have been thinking of you lots over the last few days and am praying that it gets sorted very soon, you are such a strong woman.....not sure whether I would be able to keep going through all this adversity xx
We have our first meeting with the housing options team next month with regards to the MR application.........not sure whether we should just allow repossession now as intending to go BR as soon as we can and the MR is stopping us from doing that at the moment.
Will be watching this thread for your news x

tompritchard

It's not ideal, but if you aren't getting much joy and are facing repossession then I know people who have looked into sale and rent back schemes. It is unregulated by the FSA though so if you do opt for one of these schemes I would follow tips like this: http://www.sq2.co.uk/site/sq2news/Five_Tips_to_Choosing_the_Right_Sale_and_Rent_Back_Company

NellieNewbie

ifwisheswerehorses... wrote: »

Hi Angie and Nellie, Really wish I could help but send lots of love to you both lol x

That is very kind of you. :A

lorsy wrote: »

You are my inspiration.........I know you will feel the warm sun on your face again at the end of this and when you close your eyes and smile its because you have peace...and thank you ( you know what for xx)

I so agree. :A

tompritchard wrote: »

It's not ideal, but if you aren't getting much joy and are facing repossession then I know people who have looked into sale and rent back schemes. It is unregulated by the FSA though so if you do opt for one of these schemes I would follow tips like this: http://www.sq2.co.uk/site/sq2news/Five_Tips_to_Choosing_the_Right_Sale_and_Rent_Back_Company

When I first saw CAB I was basically told not to touch this type of company with a barge pole, as they had come across so many people with problems, but from June 2010 they are now regulated by the FSA, so they may become more popular.

Angie what a little star your MRS officer is - at last it sounds like someone is on your side. I hope you sleep better tonight. :j