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

Angiepange

Absolutely NN, for us everything had been on hold pre rescue for nearly 2 years. We kept saying to each other, there's no point decorating if we are going to be repossessed !

Well, now we still don't have the money spare to do it, but that feelings gone, so as soon as we can we will get the paintbrushes out and freshen up.

Im still smiling, so chuffed for you :D:):)

NellieNewbie

Thanks Angie! {{{HUGS}}}

notfunnymoney

Omg NN thats fab news! CONGRATULATIONS! That was all quite quick in the end wasn't it?! God I cannot wait until I can (hopefully?!) write a post like this! Still teetering on that horrible edge at the mo.... latest news as of last Fri is that "everything's still progressing"..... Sol told us that they have 10 Mrs goin thru at mo and the deadline that was 31st March is now JUNE (freak!) but then she added that ours is one of easiest ones cos we have no shortfall - never heard this called EASY b4 so that was nice and she told me they're still working to 31st March so hopefully they will.... I felt I had to check with guy at HA who said he'd heard of no probs with our case and "if there's no shortfall I can't see why it wouldn't complete in the next few weeks" Eeek! Hope he's right as I'm hangin onto that sentence at the mo!

Know what u both mean by "life on hold", so true, just don't feel we can do anything or plan anything until all this is over...we're also v fortunate to b getting some money out the sale and hope to finish odd bits around the house and enjoy it being OUR HOME again! It's v bizarre to think this cud all b over anytime soon...please please please! Obviously i'll keep u posted!

H x

Angiepange

Hi notfunnymoney :hello:

Thanks for updating, fab news for NN isn't it :j your turn soon hun

Sounds like everything is progressing as it should for you, I know you want it all signed and sealed, I was exactly the same , completion day will be here before you know it!!

Your advantage is NO shortfall, thats what really held our Mortgage Rescue up :cool:. And so pleased you will receive some money from the sale, you must treat yourselves after all this stress and waiting.

Hope to hear your good news soon

Angie xx

NellieNewbie

Hi notfunnymoney :wave:

Thanks for your good wishes.

I agree with Angie that if you've not got a shortfall, things should go quicker once it gets to the solicitor stage. It did happen very fast at the end as we were told on the Monday that all being well, completion would be on the Friday. In our case I think the solicitor stage only took about 4 weeks.

Fingers and everything else crossed for you

notfunnymoney

Thanks ladies... NN, we're at Solicitor stage and hav been since beginning of Feb, bout 6wks now so hopefully it cud b anytime now.... altho we haven't got shortfall, not sure if the fact we're Leasehold meant there were more things to get sorted like service charges etc and this has been my main worry really....but thinkin positively and just crossing off each day as it passes hoping that its one day less of waiting....just read that back and realised what a sad thing that is, lol! Oh well....we'll keep goin and let u know soon as!x

sillygirl73

Big congrats NN:j you must be thrilled!!
Some bad news for us I'm afraid..........we have been advised not to proceed with MR as new criteria being implemented in April by our LA has meant that we would not get through the 'worthiness' criteria:mad:.
In essence, they are now going to look at the whole financial situation. So in our case, we have a LOT of unsecured debt, we are candidates for BR, plus we will have a significant shortfall by the time everything completes. So in their eyes we are a bad risk. They will also investigate why we got into debt and if they believe we are financially 'irresponsible' then thats a black mark against us too.

Sooooooooooo, lives have been on hold since May last year, have always paid as much as we can towards mortgage so have very little saved, and chances are we will repossessed by the summer as I artificially speeded up the process by requesting the 14 day notice letter on advice of MR advisor). So will stop paying anything towards mortgage next month and aim to be moving into rented accom by June:(. I guess then at least we can get on with BR after that and start our lives again...........just so frustrated:mad:. Rental properties will cost us at leat £150 pm extra, which will be a real struggle to find.

I'm not going to fight for this anymore, as just so tired of the whole thing, and don't want to be in a position where we have no home and a newborn baby, so thank you to all who have given me advice, and especially Angie, you have all been such a support xx

Angiepange

Sillygirl am pm'ing you

Im so sorry to hear this and the fact you have been left dangling with all the uncertainty for so long now, my heart goes out to you.

Trying to find a positive, at least there is an end in sight now even if it wasn't the path you thought you would be going down. All that matters is your family, your health and the new baby, and putting an end to all the stress you have been under :mad:. I am certain you will eventually come through all this and be happy. Thinking of you so much xxxxxxx :A

notfunnymoney

Sillygirl, do sorry to hear your news....so sorry for you and your family so just hols that for one reason or another (tho u may not know why yet) this is for the better for your family and its one of those dodge twists of fate that turns out ok in the end....thats how I always try to think anyway and have tried to adapt that thinking to our mrs too.....good luck to u from now on and let us know how u get on....

Our sitch is still ongoing with solicitors at mo....2mths now! This is the worst bit, letting ur guard down a bit and starting to feel that it def is gonna happen, being sooo close and yet still so far! I've had to do a lot of chasing and even made calls to our lenders/creditors myself just to get things sorted quicker - basically doing their job for them but not getting paid what they do, ggrrrr! Anyway, don't mind cos its got me results...I'm just not the type to sit back and do nothing....they kept telling me they cudnt proceed cos they were awaiting the final redemption figures from the charging orders on our property - told Wed "they're not responding to my letters/faxes" so Thurs I ring Nationwide to request they fax to our Solicitors asap, spike to a lovely lady who did it today and phoned me to confirm she'd done it so the Sol's cudnt make any more excuses! Emailed them to confirm to me they'd got them and she said yes and she'd now be speaking to buyers Sol to set a completion date! God knows how much longer that may have taken had I not bagged! So fc shud b v soon now....but feel like I've been saying that for mths!x

sillygirl73

Notfunnymoney, it must be torture waiting at this stage, really hope that it completes soon x

Having been told that MRS is not for us, I decided to contact Shelter for alternative advice. They have said that we are perfect candidates for MR, and their specialist team will contact us to discuss!! In the course of the meeting I told her that I was now scared to contact lender as they have given us breathing space whilst MR is happening. She advised that the best thing was to give them a call and play a bit dumb, but also ask them whether they would consider letting us sell house. Something that CAB said was not an option!
So bit the bullet and called them. Spoke to a lovely woman who recommended that we apply for their Assisted Voluntary sale scheme. They will appoint a local estate agent and solicitor to manage the sale of our home (and will meet all costs!!) and will let us stay for 6 months while the house is on the market. They will aim to sell at market value and will allow us to make smaller payments than we are currently in order for us to save for rental deposit etc. They would be responsible for accepting or refusung any offers so they retain control of situation. It would mean that we would be left with very little shortfall, and a proper finish to the whole mess! So have sent of the application forms today:).
So think we will pursue this avenue rather than go through what could be months and months of stress with mortgage rescue.
With a new baby arriving in the autumn, this seems to be the answer to our prayers and the most sesnsible option. Fingers crossed they will accept our application.