Northern Rock HAVE blocked sale of the house

kerrypn

I am in a complete mess now! Haven't a clue how to proceed.

They have said unless my husband submits income details(he cant-self employed and never did accounts-dont shout at me, his responsibility dating before I even knew him) and a payment proposal or he is bankrupt then they are blocking the sale.

I am going to lose my cash buyer, be liable for solicitors fees etc. He cant file for BR until after xmas when he has saved up.


HELP!!!Just feel like crying

Any help appreciated thanks in advance

MicheH

Kerry, it's horrible, it's senseless and the company you are having to deal with are the pits hun but, but, but. There is always a way through it and your DH is already going to go BR. Would Kerry really be liable for solicitors fees though..

Please help her, she's dealing with my arch enemy in mortgage lenders, I know how they can make you feel and I havn't a clue what to say to help her get her thoughts in order!

In_a_Mess_3

No advice sorry, but just wanted to send you a virtual hug, I am sure someone will be along soon with some good advice x

MicheH

Thinking aloud now as our friends are off having a cup of tea! Remeber i'm clueless and just bouncing ideas around. Could solicitors fees go into your DH's BR at all?

kerrypn

He will put them in, but because I am jointly liable I will still have to pay I think? As I incurred charges after bankruptcy? I don't know-what am I meant to do with the house? Its empty, I cant afford the bills there too! It could be months til we get another buyer!

Can I give NR the keys back after BR?

MicheH

They won't want your keys Kerry they will just want you to sign that blerdy form. The house isn't a problem, they will take vol rep after BR with just a letter but it will be a struggle and you won't get to talk to the nice people at Doxford Park, you'l be passed to the folks who embellish the truth and try to trick you. You'll have to be strong and not back down.
I'm worried about the solictors fees for you.. is it a lot?

MicheH

Also are you paying council tax on house. If it's empty you might be able to get 6 months exemption from that, I did when we moved out. Frantically trying to think of ways to help you but I'm aware that everyones situation isn't the same.

Backbone of the board.. where are you! lol

kerrypn

We were due to exchande on monday-so it will be the full lot of fees-havent had a breakdown yet-could be hundreds,thousands I just dont know

I started 6 months exemption in september so due to run out in february we might not have sold by then

MicheH

Aw Kerry, I don't know what to say

Cash_Waster

How much is the shortfall of the sale to the mortgage? Is it big enough for them to block, ie is it worth them doing?

For example, NR have repossed mine post BR and its worth £100,000 all day long.
The mortgage outstanding after they had wrote off the £30,000 unsecured part of £125,000 initial borrowing was at £95,000, so theoretically they should have got there money back. They took it on the 27th Oct, it was on the market a week later at offers above £78,000 which seems a random figure. It has sold and exchanged for £80,000 on the 20th November. And somebody has a team in there already doing it up. Where it will sell for £115,000 probably if they do it nicely.

They must have known that they needed a quick sale but have let it be sold for £20,000 lower than its retail value! Whether they have pressure and targets to remove bad debts I dont know, but I was shocked that they let it sell so low in the space of 7 days, that must have been their 1st offer.

Anyway, my point is, is there a huge shortfall that they just wont be able to get back? My shortfall will be around £20,000 after costs and they are obviously happy to wipe this away or they would not have let it go so quickly.


NEVER sign nothing, but when I was looking at this, my understanding was that if you volountary reposses you can be liable for the shortfall, then go BR and whether you signed or not, that debt rolled into your BR estate? I may be wrong

kerrypn

originally i thought shortfall was 35k but now it is arond 50k :eek: