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

pammie39

hi angie and all.

i have read most of this foram, i have recently applied for the MRS, house survey/value is £165, motgage owing inc arrers is about £150.
our problem is we have an IVA each ( myself and hubby), this has now failed ( trying to get info on IVA foram), i am out of work and hubby contract is about 1 month from ending, so going BR is a great option for us.
we are trying to complete the MRS before the BR as the house will not be ours to take away.
with the IVA, there is a STAY on the house, so this HAS to be lifted first (how long will this take????).

good luck to you!!!!!!
if anyone could give me any advise aswell this will be great.

Angiepange

pammie39 wrote: »

hi angie and all.

i have read most of this foram, i have recently applied for the MRS, house survey/value is £165, motgage owing inc arrers is about £150.
our problem is we have an IVA each ( myself and hubby), this has now failed ( trying to get info on IVA foram), i am out of work and hubby contract is about 1 month from ending, so going BR is a great option for us.
we are trying to complete the MRS before the BR as the house will not be ours to take away.
with the IVA, there is a STAY on the house, so this HAS to be lifted first (how long will this take????).

good luck to you!!!!!!
if anyone could give me any advise aswell this will be great.

Hi pammie39

Thanks for your good luck wishes and posting here too.

I don't know what advice to give you for the best on your situation, as I don't know anything about IVA's or the 'stay' on your house. I am really hoping someone looking in might help with your question.

Sorry to hear of your work circumstances too.

As for the MRS you are saying you have some equity in the house and you want to complete before BR because the house won't be yours to take away? I don't know enough about this to help you. My property is in negative equity and I knew when we went BR the OR would have no interest in selling it or could possibly wait for up to 3 years to deal with it.

But there is detailed information in this link Debtinfo supplied, I don't know if that might help?

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter33/part9/Part%209.htm#33.203

I hope someone can help you x

bat-out-of-hell

Hi pammie, when you say stay, does that mean that a creditor is trying for a Charging order and the case is stayed at the momant?

If so can you start your own thread, or if you already have one point to it, so as not to hijack angies, if any action is stayed, we realy need to know the details to help, but the fact it is stayed could be a good start depending why it is stayed;)

dancingfairy

Keeping my fingers crossed here - any news Angie?
df

Angiepange

dancingfairy wrote: »

Keeping my fingers crossed here - any news Angie?
df

Hi df

No news at the moment im afraid but thanks so much for thinking of me.

I have been at my mums for a few days, back now and was hoping to find an email from the LA waiting for me, but no such luck.

An email was sent to the mortgage co from the LA explaining our position re shortfall sale over a week ago now, but as far as I know they haven't responded yet.

Yet again, waiting nervously to hear. I will contact the LA tomorrow and update if I have any news.

Unfortunately Martin Lewis's team can't help me, although I had a very nice PM from them, which included a couple email addresses if I need to take things alot further on the complaints side, so that was really nice of them.

Apart from that, am hanging in here, our AD is just days away now so hoping to reach that with no setbacks.

Hope anyone else going through mortgage rescue is getting on alot better than I have.

Angie x

sillygirl73

Oh Angie, really hope you hear good news tomorrow......have been thinking of you x

Angiepange

sillygirl73 wrote: »

Oh Angie, really hope you hear good news tomorrow......have been thinking of you x

Thanks for that hun x

Im not sure I will hear anything, I think this is all going to drag on and on. But trying to stay optimistic.

Your appointment is only days away now, how are you bearing up with everything?
xx

wammy77

Hi Angie

I'm shocked that this is taking sooooo long for you - i know how stressful it can be.

We've been in 'trouble' since October 2009 and only heard of the MRS in April this year. My Council housing officer worked his nutts of to get the paperwork etc sorted for us.

We submited our application at the end of May and we had the MRS team out to do the survey, valuation, and the economy survey 2 weeks ago..... it then only took 3 days for them to give us the go-ahead to say the HA would buy it. They have sorted it all with our current lender which has taken a huge weight off my shoulders.

I can't understand why you are not getting the same help and support from your HA/council/MRS team :exclamati

I wish I could do something for you... all I can say is don't give up! Keep chasing, be polite but very firm and it will come together for you. I have verything crossed

Take care
Wammy77

wammy77

sorry, forgot to say...... I have beentold by my MRS officer that a shortfall of under £50K is usually accepted by the ML as they know that it'll cost them far more than that to repo your property. They may ask you to take on an unsecured loan for the shortfall (which is what my ML has done) or they may come to an agreement to write it off as part of the rescue package.

It can take a while for them to pull their finger out and agree it, but they will do it. I hope it doesn't take too much longer for you.

Wammy xxx

Angiepange

Thank you so much for posting Wammy77

I am so pleased your application has progressed so quickly. I have had delay and hold up all the way through. And unfortunately my LA have not been proactive throughout. I think this is why I have been 'up against it' so to speak! The HA have also told me they do not get involved in negotiations over shortfall.

You mentioned your ML has asked you to take on an unsecured loan? Were you given figures for this before signing for liability? I hope you dont mind me asking! Its just we were expected to sign for liability without even being given a shortfall figure or expected repayment.

We are both bankrupt and will not take on any debt, we cannot afford to pay for a loan, so are hoping they will write off the shortfall.

Thanks for the info though and kind words. Good luck to you too.

Angie x