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

sillygirl73

The lack of consistency with this scheme across different LA's is unbelievable! I can't believe how long this is taking Angie.........they all need a huge kick up the backside:mad:.
We have been told that if approved for MR then it could take just 3-4 months, although we will have a shortfall of up to £10k depending on valuation etc, so that may hold things up. We are also very keen to avoid any more debt as we plan to go BR once this has been sorted out.
The meeting we have next week is actually just a formality as we need to have seen the housing team to discuss situation before we get referred to the MRS. Think its a hoop we need to go through first.
I know you PM'd Martin about this.........have you heard anything back from him? Hope tomorrow does bring some good news xx

wammy77

sillygirl73 wrote: »

The lack of consistency with this scheme across different LA's is unbelievable! I can't believe how long this is taking Angie.........they all need a huge kick up the backside:mad:.
We have been told that if approved for MR then it could take just 3-4 months, although we will have a shortfall of up to £10k depending on valuation etc, so that may hold things up. We are also very keen to avoid any more debt as we plan to go BR once this has been sorted out.
The meeting we have next week is actually just a formality as we need to have seen the housing team to discuss situation before we get referred to the MRS. Think its a hoop we need to go through first.
I know you PM'd Martin about this.........have you heard anything back from him? Hope tomorrow does bring some good news xx

Remember that with your shortfall it may be more than you first think as MR usually only offers 87% of market value (this is because they pay the solicitors fees, valuation fees etc). Our shortfall increased by approx £8K from the original figure we had.

If you are planning to go BR afterwards then you will not owe the shortfall anyway - we have been advised to wait until MR is complete and then apply for BR as it will encompass all the debt we owe including anything from the house and anything from the business.

Wammy77 xxx

wammy77

Angiepange wrote: »

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

ML has not given us figures, although I have the amount outstanding so have a good idea of our shortfall (£21K). ML has just said that we will need to take on a loan and i agreed (over the phone) as we will go BR after completion of MR and the shortfall with be taken care of. I am waiting for the paperwork from ML with exact info on shortfall......

I certainly wouldn't be happy to just agree to something though without having an idea of what I owe - as you say, you can't take on more debt, it's not fair to ask you to if you BR.

Surely it's in the ML best interest to take the MR and write off the shortfall so they get a good proportion of money back, rather than repo which means they'll get very little and it could take over a year before they even get it sorted (I have children which means I get 12months after the repo notice before they can go ahead and evict me anyway).

It's a sh*t situation to be in but you just have to hang in there. It will all be worth it when you have this sorted and the stress and worry has gone.

Remember that once you hit rock bottom you can only go up

xx

Angiepange

sillygirl73 wrote: »

I know you PM'd Martin about this.........have you heard anything back from him? Hope tomorrow does bring some good news xx

Yes I did hear back from Martin Lewis's team and unfortunately there is nothing they can do to help me. However it was a nice reply and included email addresses of who to take a complaint further too if necessary.

wammy77 wrote: »

Remember that with your shortfall it may be more than you first think as MR usually only offers 87% of market value (this is because they pay the solicitors fees, valuation fees etc). Our shortfall increased by approx £8K from the original figure we had. Just had to say here its 97% of market value.


Wammy77 xxx

wammy77 wrote: »

Surely it's in the ML best interest to take the MR and write off the shortfall so they get a good proportion of money back, rather than repo which means they'll get very little and it could take over a year before they even get it sorted (I have children which means I get 12months after the repo notice before they can go ahead and evict me anyway).

It's a sh*t situation to be in but you just have to hang in there. It will all be worth it when you have this sorted and the stress and worry has gone.

Remember that once you hit rock bottom you can only go up

xx

I couldnt agree more with you. Surely the ML will lose more by evicting us than allowing mortgage rescue to proceed.

One thing you have said that I didn't know is that if you have children you are allowed a further 12 months in the property before eviction? Is this definitely correct? We have 2 children ages 14 and 17.

Again thanks xx

dryliner1

Angiepange wrote: »

Yes I did hear back from Martin Lewis's team and unfortunately there is nothing they can do to help me. However it was a nice reply and included email addresses of who to take a complaint further too if necessary.


hi angie.we are nearly there,just a couple of things they have to sort but not at my end .hopefully it will be this week.as for the 12 months extra,when we went to court i mentioned our kids but it made no difference and 28 day notice was given so it wasnt offered to us.




I couldnt agree more with you. Surely the ML will lose more by evicting us than allowing mortgage rescue to proceed.

One thing you have said that I didn't know is that if you have children you are allowed a further 12 months in the property before eviction? Is this definitely correct? We have 2 children ages 14 and 17.

Again thanks xx

hi angie.we are nearly there,just a couple of things they have to sort but not at my end .hopefully it will be this week.as for the 12 months extra,when we went to court i mentioned our kids but it made no difference and 28 day notice was given so it wasnt offered to us.

Angiepange

dryliner1 wrote: »

hi angie.we are nearly there,just a couple of things they have to sort but not at my end .hopefully it will be this week.as for the 12 months extra,when we went to court i mentioned our kids but it made no difference and 28 day notice was given so it wasnt offered to us.

Hi dryliner

Good to hear the end is so close for you now. I will be celebrating for you too when you ring me and say 'its done'!! You give me hope for us and have been a constant support, its been so good to swap notes with you.

Interesting what you say about your experience at court. The other person mentioned they would get 12 months in the house after a repo notice cos they have kids. Maybe it differs in different areas? Hopefully someone might comment?

As for me, the LA have still not had a response from the mortgage co yet, and now I have the HA emailing me to get an update and remind me the shortfall will only increase if they dont complete asap. As if I don't realise that Im not the one taking time, ive been pushing it through my end for the last year :eek::(.

wammy77

Angiepange wrote: »

One thing you have said that I didn't know is that if you have children you are allowed a further 12 months in the property before eviction? Is this definitely correct? We have 2 children ages 14 and 17.

Again thanks xx

I was advised that even tho ML can repo the property they would be expected to give us 12 months to find another suitable place to live as we have children under 16 year old. When I spoke to my ML about it they confirmed that this is the case. The final decision of course resides with the court.

I know it's a total nightmare, but call your ML every day to chase them - they need to be reminded that you are waiting and will not go away until they deal with your case. It took a lot of calling and moaning to my ML until I got through to the right person who could get things moving for me.

Hang in there!!!

Angiepange

wammy77 wrote: »

I was advised that even tho ML can repo the property they would be expected to give us 12 months to find another suitable place to live as we have children under 16 year old. When I spoke to my ML about it they confirmed that this is the case. The final decision of course resides with the court.

I know it's a total nightmare, but call your ML every day to chase them - they need to be reminded that you are waiting and will not go away until they deal with your case. It took a lot of calling and moaning to my ML until I got through to the right person who could get things moving for me.

Hang in there!!!

Thanks Wammy and pleased to hear you are getting results.

I would say though, because you have agreed to sign for liability (you have said you will go BR after the rescue) then you will probably be dealt with quicker by your ML. The fact you are persistent with contacting them must have helped too.

The sticking point in our case is getting the shortfall written off completely. As we went BR a year ago it does not protect us from a large debt if we sign for liability now

Good luck to you and keep us updated too. Thank you.

Angie x

wammy77

Hi Angie

I wish I could do something for you... it must be so frustrating.

Let's hope that someone from your ML with a bit of common sense gives the ok to write the shortfall off to get everything completed and finalised - I have everything crossed for you

Take care
Wammy77 xx

Angiepange

The LA have said they are ringing me today with news of their conversation with mortgage lender !!!

Waiting nervously for the call and will update after it. Stomach's doing butterflies just hope its good, rather than bad news.

Spoke to CAB yesterday, they reckon if the rescue fails and we are repoed, we could have 2-3 months in the house before eviction . Doesn't sound long to get everything packed up and find somewhere else to live :eek: