mortgage rescue

dryliner1

hi we are on a 28 day notice for repossession.since that was given we are going through mortgage rescue.since going br i have not bought the interest back in the property which is what we now have to do to proceed.the problem we have is about 80000 shortfall that mortgage co and secured loan have to write off which on first contact with mortgage co has been positive.my question is if they both agree to the council to write the debt off could they go after us for the shortfall or would it be a legally binding writing off of the debt.hope this makes sense thanks

fiveyearplan

I'm bumping this up in case someone has an answer for you. Sorry I don't know anything about mortgage rescue and how it works.

Angiepange

We are going through Mortgage Rescue, Govt Mortgage to Rent option at the moment but still early stages.

Is this what you are looking at? And why were you advised to buy the beneficial interest?

dryliner1

Angiepange wrote: »

We are going through Mortgage Rescue, Govt Mortgage to Rent option at the moment but still early stages.

Is this what you are looking at? And why were you advised to buy the beneficial interest?

hi yes that is what we are going for.the interest is still with receiver so council think it has to be bought back but shes still looking into it

Angiepange

Hi dryliner

Ok, we are at the stage where all our paperwork has been sent to our local housing association by the council and we are waiting to hear from LHA.

We went BR in Aug last year. Got offered the BI in our home which is in NE in Oct 2009. At the time I couldnt find a definite answer from anyone as to whether buying the BI would be necessary or not to enable the MRS to go ahead. As a precaution we bought the BI from our OR, but since then I have a contact in another local authority who does Mortgage Rescues who put me in touch with the OR she deals with and who read his manual to me over the phone. He basically advised me it was not necessary to buy the BI in order for the MRS to proceed. It would only need the OR's permission, not the buying of the BI.

The problem is as I have found, it is all quite a new scheme and alot of confusion surrounds it. My contact had only dealt with 1 BR family but successfully got them on the scheme. My own MR officer at my local council hasnt dealt with a BR case before so it is quite frustrating.

The way I am looking at it is, if we dont get the Mortgage rescue then we will be evicted eventuallly but we cannot be chased for the shortfall (as long as we dont sign any liability forms) as the debt will be included in our BR.

PM me if you need to, will try and help if I can.

Angie x