repossesion timescale and what to take!!

debt_doctor

But if you went through mort rescue, you would be selling your house to a housing association and renting it back from them. Your mortgage payment would dissapear and you would rent your formerly owned home at market value rent less 20% and if your income / circumstances allowed would be able to claim housing benefit to asist you financially.

There are other criteria that might let you down such as being in more than 20% negative equity or your property being worth more than the price cap in your area, but it should be fully considered.

If there is no chance / dont want to do mort rescue then please post back and we will go through the homeless legislation to gain council accomodation.

DD

Angiepange

saff4x4cosworth wrote: »

they said when they worked out the payments we did not have enough average income for it to work so they put us on a higher priority council band, but its all the waiting and not knowing where you going to end up thats the worst especially with 2 little kids, thanks for your help you have been great

Just wanted to say i know how you feel and I hope you get something sorted.

we are going through Mortgage Rescue at the moment, we are at the stage where all relevant info has been gathered by council and they have just sent off our application to our local housing assoc. Its so stressful all the waiting and not knowing the outcome. For us this has been going on since Aug/Sept when I first started looking into it.

If its not successful we will be facing eviction, I have 2 kids (teenagers) and its really getting me down, not knowing where we will end up living.

Angie x

dryliner1

hi was in court this morning.been given 28 day order ,we are looking at mortgage rescue as well.council lady has been excellent.phoned her after court today and she saw us straight away.we are in negative as well but it is still possible for rescue to work if mortgage co are willing to write some of it off.i am br as well and wife will be from march 1st.its still a long shot but we can only wait and see.we have filled out homeless application so hopefully in band 1 now as well

skintflint103

Ok you may not get a council house if the council don't have any spare. some areas in the South just don't have any stock.The council are entitled to claim that you made yourselves homeless and you could end up in B&B. Be careful councils can be sticklers. On the question of the house you could get sued for criminal damage , remember the lender will OWN the house, look at your mortgage offer and it will say you are required to keep the huse in good order. When I got repoe3d in the 90's it took the lot too ,but always be awre.what will happen is you will increase your debt by the house having a lower value. If you're going BK i don't suppose you give a damn!

Angiepange

dryliner1 wrote: »

hi was in court this morning.been given 28 day order ,we are looking at mortgage rescue as well.council lady has been excellent.phoned her after court today and she saw us straight away.we are in negative as well but it is still possible for rescue to work if mortgage co are willing to write some of it off.i am br as well and wife will be from march 1st.its still a long shot but we can only wait and see.we have filled out homeless application so hopefully in band 1 now as well

Good luck with that dryliner.

My council have been very slow dealing with us but we are getting through it. Been helped immensely by CAB too.

I am hoping mortgage co will be willing to write off some of our shortfall as we are both BR.

saff4x4cosworth

hi dryliner,angipange and skintflint103 thanks for your comments it is awful not knowing what is going to happen but its nice knowing there are good people out there that will just talk to us about being in the same situation its amazing how better you feel for discussing things, skintlint we will go bankrupt but wanted to sort the house thing first i really hate banks they really are b*****ds especially after doing what they did with their bonuses makes my blood boil.

Debt doctor we had a meeting with a council woman and she went through a expenditure sheet, she said based on that we could not afford the rescue she only briefly touched on it we have a 3 bed house and i suppose the normal rent would be £650 so £520 with mortgage rescue, but she was convinced it was not a option, our house is in about £5k positive equity so there is a bit there, we dont really want to use the house but were lookin on it as a fresh start any advice would be great,
Thanks

out_of_cash

insolvency service are going to repo my house as it was me who went br does anyone know how long this will take as they will be dealing with it and not the lender its got no neg equity or any mortgage arrears.

would be greateful for any advice regarding this

debt_doctor

saff4x4cosworth wrote: »

hi dryliner,angipange and skintflint103 thanks for your comments it is awful not knowing what is going to happen but its nice knowing there are good people out there that will just talk to us about being in the same situation its amazing how better you feel for discussing things, skintlint we will go bankrupt but wanted to sort the house thing first i really hate banks they really are b*****ds especially after doing what they did with their bonuses makes my blood boil.

Debt doctor we had a meeting with a council woman and she went through a expenditure sheet, she said based on that we could not afford the rescue she only briefly touched on it we have a 3 bed house and i suppose the normal rent would be £650 so £520 with mortgage rescue, but she was convinced it was not a option, our house is in about £5k positive equity so there is a bit there, we dont really want to use the house but were lookin on it as a fresh start any advice would be great,
Thanks

How much net weekly income do you have at the moment ? I'll be able to do a housing benefit calculation for you, I understand its 2 adults and 2 children, presuming no other adults living with you and that you have no disabilities.

DD

saff4x4cosworth

hi debt doctor our weekly income after tax is £610 per week with yes 2 adults and 2 kids one 7 and one 2 thanks

debt_doctor

saff4x4cosworth wrote: »

hi debt doctor our weekly income after tax is £610 per week with yes 2 adults and 2 kids one 7 and one 2 thanks

So if the rent was £520 per month with an income of £620 per week, why wouldnt that be affordable ?

DD