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Govt Mortgage to Rent Scheme/Will it save my house?
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Hi all
I've never posted on here before but I'm always reading up on bankruptcy advice which has been invaluable. I just wanted to let you all know that we applied to our local council a few weeks ago for the mortgage rescue scheme - after finally getting our appt we were told our house is probably worth £20K over the amount for this area (Notts) and that we need to get two valuations asap to say our house is worth £155 or £160K max then we have to go back to the council and see what happens next. We have two estate agents coming round to value the house on Wed and Fri this week so fingers crossed they say our house is worth what they want it to be.
Thanks for listening.
Denise
Thanks so much for replying so quickly - we are going for the mortgage rescue scheme but to be honest I didn't know about the shared equity scheme - where do I look for info on this? We had our first valuation yesterday - Haarts said £155 - £165K for a quick sale or £170-£180K if not. Although I had to ring the valuer back and say we want a fixed price put down in the valuation - we'll see if she listened when it comes! When I saw the local authority chap a couple of weeks ago he said 4 in Notts had been successful and 15 nationwide - not a lot is it?
Speak soon I hope
Denise x0 -
Hi Angie
Thanks so much for replying so quickly - we are going for the mortgage rescue scheme but to be honest I didn't know about the shared equity scheme - where do I look for info on this? We had our first valuation yesterday - Haarts said £155 - £165K for a quick sale or £170-£180K if not. Although I had to ring the valuer back and say we want a fixed price put down in the valuation - we'll see if she listened when it comes! When I saw the local authority chap a couple of weeks ago he said 4 in Notts had been successful and 15 nationwide - not a lot is it?
Speak soon I hope
Denise x
Hi Denise
I have some links below with lots of info on them
http://england.shelter.org.uk/get_advice/repossession/mortgage_arrears/government_mortgage_rescue_scheme
http://www.communities.gov.uk/housing/buyingselling/mortgagerescuemeasures/
http://www.direct.gov.uk/en/HomeAndCommunity/Keepingyourhomeevictionsandhomelessness/Mortgagesandrepossessions/DG_174005
Hope that might be of some help and yes I agree, there doesnt seem to be alot of successful rescues but for us its a last resort or we will be re-possessed. Good luck to you.
Angie x0 -
To say I feel like tearing my hair out with all this is an understatement :mad:
The only thing thats holding our mortgage rescue up is the Housing Assoc waiting on a letter from the mortgage co threatening repo. Got a call a week ago to say the letter was being issued. It was faxed to the HA beginning of the week. Just found out they havent received it yet, so mortgage co are getting in contact with HA on Monday to sort it out for us.
Oh please can this get off the ground, not sure how much more I can takenow 9 months since I started our application.
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Keep on in there Angie, your doing so well. I can understand how your feeling 9 months is such a long time to live with this uncertainty. Wish you all the best and take care xx"If wishes were horses, then beggars would ride"
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I have some news at last ! :j:j:j
Got a phone call from the Housing Assoc and they have booked us in for a survey and valuation on our house next week and an appointment to discuss our mortgage rescue at their offices the week after. I cant quite believe it after all this time.
Ok I accept it doesnt mean our application will be successful, as the rescue can go wrong at any stage but its progress at long long last and I am so happy and scared at the same time
Hope to be updating when I have more news.
Angie x0 -
good news, looks like you are finally moving forwardHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Hi Angie, Sending you best wishes.....can't wait for it to go in your favour, you've waited so long and deserve it lol x"If wishes were horses, then beggars would ride"
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Nerves are really setting in now. The survey and valuation are being done tomorrow.
We are in Neg Eq and to be eligible we can have a loan to value of up to 120%. So just really hoping we fall within that.
Also the mortgage lender needs to be willing to allow us to sell the house for 97% of its value. Now all along they have supported our application to the scheme and in my mind as they know we are both BR then they will know they can't chase us for any shortfall if we are unsuccessful and they re-possess us!
I just hope they are looking at it in that way too.
Surely they will incur more costs by re-poing us and selling the house themselves rather than accepting an offer from the HA and writing off the shortfall?
But hey I am only thinking out loud!0 -
I bet they are Angie, no I think your right it will cost them rather than excepting your offer, keep strong and keep us posted, all the best and take care xx"If wishes were horses, then beggars would ride"
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I cant sleep so i thought i would just do a quick update here as so much has happened with our mortgage rescue this last week. I will be back on over the next couple days to fill in more detail but we have hit another potential stumbling block and I am seeking advice from a few sources before I post too much as i need to know what I post is accurate about this scheme!!
Just briefly we had the survey done and the valuation and had a meeting with the housing association. All looking ok so far. This stumbling block concerns liability shortfall, so when I know more I will be back!!!!
Thanks to all for the support, I feel like I have aged 10 years in my quest to go through mortgage rescue
Angie x0
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