Repossession!!!!

hitchins

MortgageMamma wrote:

Hi hitchins

try to stay as positive as you can, I know you will probably laugh at that as you've just received a letter if proceedings BUT you have to be confident and so does the court that the lender has explored every possibility to keep you in your home. Some lenders have mortgage rescue schemes where they will buy a little bit of the propery back from you, you could make your mortgage over a longer term, switch to interest only for a while, add the arrears onto the loan amount and pay them that way. Has your lender given you any of these options? Whats the situation with your payment protection insurance? Was your husbands wage paid for the 13 weeks before the policy kicked in?

Lord knows you have had enough on your hands with a poorly husband without this.

No forgot to mention, my husband is self employed, so we got nothing, only had my wage which is very small. When my husband initially contacted the mortgage company to say he was now earning again he reached an agreement over the phone to pay an extra £100.00.

MortgageMamma

And have you kept up with that agreement? I can;t understand why they are so quick to issue reposession proceedings in the event you have communicated with them and made payments. Its really weird. It seems a bit unfair to me. Saying that if you are on a sub prime product initially with GMAC that could be why they are keen to reposess so fast. Keep your chin up and make sure you take on all the advice andy and I have given you so far, you need to stand your ground with this now, and more importantly, from this stage onwards do everything by the book.

Joe_Bloggs

As all of the above. There is detailed repossesion background and court preparation advice in this Shelter webpage.
J_B.

crutches

all good advice above.
hugs to you both.been in this situation at court myself.

hitchins

MortgageMamma wrote:

And have you kept up with that agreement? I can;t understand why they are so quick to issue reposession proceedings in the event you have communicated with them and made payments. Its really weird. It seems a bit unfair to me. Saying that if you are on a sub prime product initially with GMAC that could be why they are keen to reposess so fast. Keep your chin up and make sure you take on all the advice andy and I have given you so far, you need to stand your ground with this now, and more importantly, from this stage onwards do everything by the book.

Yep, we have kept to the agreement, that is why we are so bemused by it. I could fully understand it, if we had ignored them for the past 4/5 months, but we haven't. I have just rang them now and am waiting for them to call me back, I would just like to see what they have to say about it.

MortgageMamma

Good luck with the phone call. let me know how it goes.

hitchins

Hi Everyone,

I went to the CAB last week (earliest appointment I could get!). Unfortunately, it is too late for them to intervene, but he reckons the claim for possession will be suspended. Even so, it is making me feel ill with worry, just want to get it over and done with!!

Also, our fixed rate ran out with GMAC some time ago, when we called to arrange a deal with them they said we had to go through a Mortgage Broker, is this correct? And what are the chances of getting a fixed rate if we did go through a broker? It's just that we are on a silly interest rate with them now, 6.7%!

Oh and to add insult to injury, we received a statement from GMAC and they are charging us an extra £50.00 a month for every month we are still in arrears!! Aaaaaargh what the hell are you meant to do???? Sorry, I am just so fed up with it all. Oh and insurance are now wanting his last 3 years self assessments???:mad:

Thanks for all your help - very much appreciated.

silvercar

Oh and insurance are now wanting his last 3 years self assessments???

This is quite normal, its to verify his claimed income.

budgetflyer

So much for the peace of mind these insurance policies are supposed to provide:mad:
I really really hope you get your money due.Then tell them to stick their policy where the sun doesnt shine.
Its disgracefull,you paid into this,then when you need to claim, for them to behave like that. Same goes for your mortgage. If you can get a deal elsewhere take it.

Conrad

These policies are a waste of time, and I own a mortgage brokers!

Most brokers are completely oblivious to the issues that surround these policies just as they were in the 1990s with endowments when I used to warn them they were misselling (blank stares all round usually).

You might want to claim against whoever so the policy (it wont be the lender probably). Clearly they didnt check income or anything. I bet they put you on a self - cert (no income proof) mortgage and flogged you a policy based on the self - cert income level, which you were'nt able to proove!!!

I see this kind of thing a lot. Total lack of attention to detail by brokers.

I regret to inform you that the insurance may well not pay - out.
The onus should be on the arranger / adviser to PROOVE the policy met your needs AND YOUR 'REALISTIC EXPECTATIONS. Im almost certain they wont have such proof on file. The onus is on them to proove suitability, AND THIER RESPONSIBILITY CANNOT BE WAIVED BY VIRTUE OF THE FACT YOU SIGNED DOCUMENTS. Its like a Doctor giving you the wrong prescription but then him saying "its not my fault, they read the packet". The onus is on the advice giver.

Proof would include a written paper - trail as to the suitability of the policy in terms of how realistic a claim chance you would have had. He arranged a self - cert mortgage and wont have income proof on file so how can he expect you to later provide said income proof? COMPLAIN TO HIM THEN THE FSA AND DONT GIVE IN. Hoepfuuly the advice givers will be liable to meet some or all of your arrears. Ive ssen this be awared before by the FSA ombudsman.

You can remortgage as long as you have enough equity btw.

Note that lenders are now regulated under the provisions of the FSA. One of the key pdirectives is known as TREATING CUSTOMERS FAIRLY (TCF).

Make sure you write to the lenders compliance department (use recorded delivery and keep copies) and ask them to write to you regarding the FSa's TCF initiatives and how they have met the obligations placed upon them by TCF. There are specific rules on repossesion AS A LAST RESORT TOOL.

Dont give up gal.