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

shepherd06

hi all, well....regarding MRS i'm not sure anymore..... our council said they will have to pull out of it altogether if moat or other HA are not going to buy anywhere in borough, not only NOT financially viable but no maintainance in area for property?! OH spoke to CCCS today and........well they have kindly sorted out all our debts and how we can pay them......if we never want a holiday for the next 9.1/2 years plus buy cheapest brand of shopping (already do some things) allow only £240 a year on birthdays, christmas and such. oh and if car fails its mot then forget it or the boiler breaks, freeze....of course this is unless i drastically change my wage or OH wage.... is my house worth it?? Our house for some kind of life? ok i know this is our fault for being in this situation but this proves that life and financial circumstances can change suddenly and leave you in the s**t. I just don't know... we are currently awaiting forms(lots of) from shelter, i shall dare say they will put this to us that we can afford to pay(minimal) is it wrong just to surrender to BR? lose the house and be done with it all, i'm going now as my eye is about to start twitching!! thanks, jay

notfunnymoney

Hi Jay, just a quick reply as its late but didn't want to read and run! I would imagine they can't help you due to u falling short on one or more of the criteria for eligibility....eg house worth too much, too much net eq etc? If u haven't already you need to ring them up to find out on what grounds ur ineligible - not sure it'll help change anything but at least u'll have a reason to work on? Sorry I can't help more and on phone so sorry for slack grammar, lol! Good luck and hope u can get sorted one way or another soon!

H x

shepherd06

thanks for reply, we received e-mail from our council woman that we had been dealing with and she said there were no rights of appeal as far as the MRS is concerned (she spoke to shelter) she has said she is going to arrange a housing options appointment for us shortly....we are still waiting for the forms to come through from shelter! OH spoke to them on monday.... in the meantime, this months mortgage has not been paid yet (we are on suspended repo order) so prob won't be too long before we will get letter for the courts! when we have got the money to pay shall we save it for BR?? as we plan to go through that route....:(

Angiepange

If anyone is interested in the Mortgage Rescue Scheme, there is a discussion thread here

https://forums.moneysavingexpert.com/discussion/3252642

sillygirl73

Just a quick update for those of you who are interested! Having put house on market last week (through our lenders AVS scheme), we have had a full asking price offer this week:eek::j. Sort of wish the house had gone on for a bit more, but hey you live and learn! We will have a shortfall as the house is in neg equity but guess we will need to wait and see what our lender does with regards to that.
So we now have 8 weeks to save for the rest of a deposit and find a rental property and move in!! My next worry is our credit rating, between us we have 4 defaults on our files, but no CCJ's, BR etc (yet;)), so keep reading conflicting things about what letting agents consider a no-no. We won't have enough for a 6 month deposit but will have a guarantor if needed so am hoping we will be ok.....bit nervous though! There is nothing around from private landlords, so unless a miracle happens will be using a lettings agent and forking out for their 'admin' fees!!
Anyway, I hope you don't mind me posting on this thread......I was originally going through MRS and don't feel there is anywhere else I can post!!
For those of you struggling through MR, don't give up hope, but also be aware that there are alternatives x

Angiepange

sillygirl73 wrote: »

Just a quick update for those of you who are interested! Having put house on market last week (through our lenders AVS scheme), we have had a full asking price offer this week:eek::j. Sort of wish the house had gone on for a bit more, but hey you live and learn! We will have a shortfall as the house is in neg equity but guess we will need to wait and see what our lender does with regards to that.
So we now have 8 weeks to save for the rest of a deposit and find a rental property and move in!! My next worry is our credit rating, between us we have 4 defaults on our files, but no CCJ's, BR etc (yet;)), so keep reading conflicting things about what letting agents consider a no-no. We won't have enough for a 6 month deposit but will have a guarantor if needed so am hoping we will be ok.....bit nervous though! There is nothing around from private landlords, so unless a miracle happens will be using a lettings agent and forking out for their 'admin' fees!!
Anyway, I hope you don't mind me posting on this thread......I was originally going through MRS and don't feel there is anywhere else I can post!!
For those of you struggling through MR, don't give up hope, but also be aware that there are alternatives x

Hi sillygirl

Great news about your offer for full asking price :jand thanks for updating us on the Assisted Voluntary Scheme you are going through.

I guess you are busy house hunting now, so wishing it all works out and you find a rental property fairly quickly, please let us know how you get on, got everything crossed for you.

Angie xx

Doucam

Bumping this for a friend to have a look x

Angiepange

Just thought I would re-visit this thread for old time sake I am wondering how any of the people who went through the mortgage rescue scheme are doing now?

Posters who experienced the MRS and others who just posted for support, will never know how much they helped me keep fighting and plodding through. I don't care if it sounds cheesey! but I will always be grateful to MSE and the friends I made, for being the positive force and mine of information that got us through the bankruptcy and the MRS.

I never took up Martin Lewis's teams kind offer to publicise our fight through mortgage rescue on their news site, as I felt we were at a break through stage and was worried publicity may jeopardise the banks decision to complete. However, it was thanks to the forum, I gained so much information that carried me through the whole process.

We have been slowly re-building our lives since going BR in 2009 and then fighting for 13 months to stay in our home through the Mortgage Rescue Scheme, finally completing in 2010.

One of the main turnarounds for me was finding employment in June 2011 having struggled for so long on just my husbands income. I got back my self respect and confidence which had been at an all time low since redundancy and other problems triggered our financial downfall.

Our children faced their own demons, during that time. Our son was only 17 when diagnosed with depression, right in the middle of the BR and the threat of repossesion. Our daughter nearly 15 at the time, who had always been such a strong, happy, confident child, was being severely bullied at school. Bullied to the point of self harm, where she felt completely worthless and all but gave up with education.

Now, we are all in a much more positive place. Still in our family home, no longer 'own it' of course, but rent it from a Local Housing association which has been very smooth and problem free. Both of us are in full time employment and managing financially. Our daughter has gone from strength to strength once the bullying was revealed and dealt with. Our son has just come off medication, has a new relationship and is finally embracing life as a teenager should.

Just want to say Thank You xxxxx

Maizy

And it just goes to show how strong us humans are if we keep on fighting through. Really pleased for you and your family. x

NellieNewbie

Great to hear how things are for you Angie {{{HUGS}}}

I'd been thinking about posting an update too, so your message is a well timed reminder.

We completed on 4th March 2011 and even though no major work was needed, we are still not done. Our house is now owned by the Orbit Group and it has a special team and processes for MRS tenants, separate to its other tenants in its three housing associations in the UK.

The first sniff we had that the works were going to start was some surveys/testing in July and then nothing happened until September. We didn't chase things because I wasn't very well. On and off since then, we've had little flurries of workmen doing things. Sometimes the work caused problems (leaks, etc.) that meant other work needed doing. Most of the workmen have been fantastic and the quality of work is excellent. We do have a project manager who works for Lakers, the property service company contacted to handle MRS tenants. He is lovely, although I have to chase him all the time - and that's been our main problem. It there is a plan of works for our property then I'm a leprechaun! Workmen have turned up unannounced and twice I've had to turn them away because I was due at the hospital. Sometimes I'd get a phone call the night before someone was coming. It's a good job I'm at home during the day because if I was at work, I'd be screaming blue murder by now about the lack of organisation. On the other hand we always knew the work would take longer than allocated because in all seriousness, nothing has ever been straight forward about our house since we bought it! At one point I thought the electricians were going to walk off the job because a two day job turned out to be a horrible 8 days for them (and me because working on the electrics meant no heating in December!). Bless them!

We can now just about see the light at the end of the tunnel and with a bit of luck the final works will be done over the next couple of weeks. I hope so any way because we've had a letter from the Orbit Group telling us our house is to be sold to Orbit Heart of England, with a planned completion date of 1st Feb 2012.

Financially we are just about managing, but my husband will be made redundant at the end of June as his job will go as part of the Government's NHS cuts, so we need to be able to focus on finding him another job.

One day at a time.