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

Angiepange

notfunnymoney wrote: »

Hi L, just wanted to say 'hi' to you as it seems you're sailing in our boat too at the mo?! We had a home visit from LA today and just need to fill out/sign some forms, drop them into the office tom and then she's sending off our pack on Friday... I'm hoping from what Angie has said, this will mean about another 3mths of RSL surveyor/valuation/interview mtgs and solicitors redtape to put an end to all this but then that's if everything is straight forward and we all know there are always little hiccups along the way, eh?! Our caseworker from the LA bought an Environmental Health officer with her who took a very informal look around our property to make sure there were no glaringly obvious faults with it before they pass over our App.... luckily there didn't seem to be apart from our boiler which is supposed be being fixed by a Warmfront grant in the next few weeks (after a 10mth wait!!) - apparently our RSL allow up to £20k worth of repairs to be done when doing mrs so I think we're well covered anyway!!

We have the slight reverse prob of the value of our property possibly being too MUCH!!! Cos when we bought the place we were in a much better financial situ and put in a nice deposit - plus the fact that when we bought 5yrs ago, the place was in desperate need of redecoration, which we did and this has increased the value.... luckily for us house prices are on a downturn so this should mean all will be ok but it's still just a little something in the background niggling away until the RSL have done their own valuation - even tho our caseworker at LA is more than confident that we'll be ok....

We are the first in our borough to be doing mrs (most property's in our area would be much to high a value hence us being first!!) so there have been teething probs but I know this isn't the first one for the RSL so hopefully they'll be a bit quicker!!

Ohhhhhhh I just need this all to get going and hopefully finish the way we've dreamed about so I can breathe out again....!!!!

H x

Hi H

Thanks for the update, seems like things are moving in the right direction for you

We had a new boiler and water tank fitted, approx cost £3.5k so im really hopeful any works you need will be covered.

First rescue in your area too!! We were 3rd I think, but from what the contractors we have had in are saying, rescues are really on the increase now. Sad and positive at the same time if you know what i mean.

Keeping everything crossed for you x

Angiepange

notfunnymoney wrote: »

Hi Angie, thanks for letting me know that - that's another few hundred quid in our pockets that I thought we'd have to fork out for!! Nice to hear!! I've just written another update on here... things still going ok but still very much living on tenter hooks at the mo and won't be able to breathe properly again until this is all hopefully processed, signed-sealed-delivered!!! Know you know what that feels like!!!

Hope you're still happy and rellishing in being mortgage free!!

H x

Can totally understand what you are going through H, all I can say is just hang in there, I so wish it wasn't such a stressful experience to go through. But what can you do but try and remain positive and proactive.

God, I had so many times I thought I couldnt carry on any more, but now im through mortgage rescue, it was worth every last painful and despairing moment. You can and will do this

Thinking of you

Angie x

Angiepange

O the joys of dealing with mortgage rescue !

Just opened a letter from the mortgage lender titled mortgage shortfall informing me that:

'following the sale of your property all details with regard to your liability will now be admimistered by .......................

blah blah

You will appreciate that during the term of this agreement we reserve our rights under the mortgage. If you are unable, for whatever reason, to maintain the payments then please contact ...... directly'

:mad::mad::mad::mad:

Ok im not getting too worried as I have a letter from the ML stating the house was sold in full and final settlement of their charge and full and final settlement of the residual debt, and no further claims will be brought against us.

Just annoyed that I should get a letter like this really

I rang up the solicitors who are dealing with it, and now have to send copies of the settlement letter from ML and am sending copies of our BR orders too.

Thank God we never signed the Shortfall Sale Form.

Just thought it was all over :mad::(

Sunnylooloo

What a pain hun!

well no worries let's raise a glass tomrrow ot it all!!

SEE YOU IN THE MORNING

xx

notfunnymoney

Angie - thanks for your replies.... yes it is very frustrating and stressfull.... it's like I've always said, it's the not knowing, the 'no guarantee' of it all - like we could be waiting all this stressfull time for nothing at the end of it - HOWEVER, I'm staying positive as everybody else seems to be and I'm feeling like I've got a team 'looking after' me now - before it felt like us against the world!! And we've come a LONG way in a couple of wks since I wrote my letter to the LA so I have to think, for now at least, that it's all goin ok!!

Can't believe after all this you got that letter!! But it's nice tho that, compared to a few mths where it would've freaked you out - you can now just pass it on the be dealt with for you now you're post MRS process!!

Our app SHOULD have been sent over to RSL this arvo - had no confirmation email but hopefully I might hear from Caseworker on Monday... and from what you've said and a new PDF leaflet I read on the direct.gov website it should be around 3-4mths now.... that's if the RSL don't value our home as being too high - but house prices are goin down so should all be ok.... hopefully!!!

Will keep you posted!

H x

dryliner1

hi i have also just gone through mr .are you still paying mortgage while it goes through because if you are my advice would be to stop and save the money you would be putting towards mortgage just in case it doesnt go through at least you can have some money back-up.i didnt pay for12 mths thinking i was going to get repo.but in feb this year we started the mr and finally went through oct 29th.in this time i saved some money ready for private rental but luckily the rescue went through

notfunnymoney wrote: »

Angie - thanks for your replies.... yes it is very frustrating and stressfull.... it's like I've always said, it's the not knowing, the 'no guarantee' of it all - like we could be waiting all this stressfull time for nothing at the end of it - HOWEVER, I'm staying positive as everybody else seems to be and I'm feeling like I've got a team 'looking after' me now - before it felt like us against the world!! And we've come a LONG way in a couple of wks since I wrote my letter to the LA so I have to think, for now at least, that it's all goin ok!!

Can't believe after all this you got that letter!! But it's nice tho that, compared to a few mths where it would've freaked you out - you can now just pass it on the be dealt with for you now you're post MRS process!!

Our app SHOULD have been sent over to RSL this arvo - had no confirmation email but hopefully I might hear from Caseworker on Monday... and from what you've said and a new PDF leaflet I read on the direct.gov website it should be around 3-4mths now.... that's if the RSL don't value our home as being too high - but house prices are goin down so should all be ok.... hopefully!!!

Will keep you posted!

H x

Angiepange

Angiepange wrote: »

O the joys of dealing with mortgage rescue !

Just opened a letter from the mortgage lender titled mortgage shortfall informing me that:

'following the sale of your property all details with regard to your liability will now be admimistered by .......................

blah blah

You will appreciate that during the term of this agreement we reserve our rights under the mortgage. If you are unable, for whatever reason, to maintain the payments then please contact ...... directly'

:mad::mad::mad::mad:

Ok im not getting too worried as I have a letter from the ML stating the house was sold in full and final settlement of their charge and full and final settlement of the residual debt, and no further claims will be brought against us.

Just annoyed that I should get a letter like this really

I rang up the solicitors who are dealing with it, and now have to send copies of the settlement letter from ML and am sending copies of our BR orders too.

Thank God we never signed the Shortfall Sale Form.

Just thought it was all over :mad::(

Well, just received a reallly nice phonecall from the solicitors who had been instructed by our ex mortgage lender to chase us for the shortfall. She received my letter and copied documents relating to the sale and apologised and said we should never have got that letter. She was really sorry for the upset and worrry it has caused us.

She confirmed the sale was in full and final settlement and even if the ML hadn't accepted that, our BR would have covered the debt anyway as we did not sign for liability.

She thought it was unusual we were still in the property !! so I told her how the mortgage rescue scheme works and why we are still here, but now as tenants.

Must be me today , but I started crying when she said at least you haven't had to uproot your family and she also was so sorry we got the letter, as it sounds like the whole thing has been very stressful !!!

It was just so nice to deal with someone sympathetic and understanding instead of having a fight on my hands all the time.

confused76

hi AP, oh i'm so glad this is resolved, and she was so nice on the phone....
get in touch if you want a chat today, you know how to reach me xxxxxxxxxxx

Sunnylooloo

Ah that is good!!!!

xx

dryliner1

hi glad its finally all over and that should be it.

Angiepange wrote: »

Well, just received a reallly nice phonecall from the solicitors who had been instructed by our ex mortgage lender to chase us for the shortfall. She received my letter and copied documents relating to the sale and apologised and said we should never have got that letter. She was really sorry for the upset and worrry it has caused us.

She confirmed the sale was in full and final settlement and even if the ML hadn't accepted that, our BR would have covered the debt anyway as we did not sign for liability.

She thought it was unusual we were still in the property !! so I told her how the mortgage rescue scheme works and why we are still here, but now as tenants.

Must be me today , but I started crying when she said at least you haven't had to uproot your family and she also was so sorry we got the letter, as it sounds like the whole thing has been very stressful !!!

It was just so nice to deal with someone sympathetic and understanding instead of having a fight on my hands all the time.