Repossession could be imminent - help!

E3N

Right now things are really in the balance and I worry for what will happen next.

In a nut shell and looking at my previous posts if you look that deep you will see some track history, but this situation is new. We have had some serious debt problems and we have been sinking ever since and now a new bomb shell – the worse kind.

My partner worked in a bank and one of the perks was a staff rate house loan/mortgage with myself acting as guarantor. My name is also on the deeds. Due to financial problems we have fallen behind on the payments and we believe this to be the past 6 Months. We have now received letters from a Solicitor informing us that we have 21 days to pay the balance of the loan in full otherwise they will commence court proceedings to seek possession of the property, by way of repossession.

One major problem we have is day 21 is tomorrow, 17 May 2010.

I have contacted a Company today called Abacus (Financial Consultants) Ltd - www.repossessionhelpline.org.uk

They are ringing us tomorrow but right now I am sick of worry because my partner only made me aware of the 21 day letter 45 minutes ago, in fact I found it and confronted her. I know this now puts us in a very difficult place because the letter is dated the 26th April and by my working out this deadline is tomorrow.

Is there anything we can do to stop the repossession stage and come to an arrangement to stop us loosing our home, I am so worried because we have two children and stand to loose everything.

Please, in advance thank you for any help.

Eddie

beecher2

http://england.shelter.org.uk/get_advice/repossession

Homeowners who need expert help with mortgage arrears or are facing repossession can now contact a dedicated telephone advice service run by Shelter. Unlike many services advertised in the media, Shelter’s homeowner helpline does not sell financial products - our advice is free, impartial and confidential. As experts in housing law, we have been given Government funding to provide this free service.
The number of homeowners coming to Shelter because they are struggling to pay their mortgage has more than doubled over the last year. If you are finding it difficult to afford your monthly payments, please don’t let things get to crisis point – it is never too early, or too late, to get advice.
Call us now on 0300 3300 515.

All calls made to this number, including ones from mobile phones, will be charged at a standard landline rate.

The service is open from 8am – 8pm on weekdays and 8am – 5pm at the weekend.

Our dedicated advisers can either help you over the phone or at your nearest Shelter advice centre if that’s more appropriate - use our directory to find your nearest service.

We can advise you about your legal and financial options and help you to take action. Have all your financial paperwork ready so that our advisers can help you work out which options are best for you.

Also look here
http://mortgagehelp.direct.gov.uk/

Try not to panic.

poppy10_2

E3N wrote: »

R

I have contacted a Company today called Abacus (Financial Consultants) Ltd - www.repossessionhelpline.org.uk

Avoid companies like this, they are almost all scam artists

E3N

Just to keep you updated as this maybe what others here are going through too, I will keep this post up to date until resolved or demise.

So far we got straight down to our local Guild Hall and attend ‘The One Stop Shop’ without delay, someone did speak with us briefly and an appointment has been booked in for us for tomorrow 20th May. They tell me not to get to upset and to relax but I just cannot and just feel weak, useless and drained. My limbs just tingle and feel like weights, my heart feels like it is jumping out of my chest and sometimes I feel sick to the point I feel the onset of blacking out. I am so freaking out!

I just keep looking at my kids and crying and the lack of sleep is getting me down, I pace our home like a yoyo as my mind has become a hive of activity and I am struggling to see any light. I cannot believe our lives have been so turned upside down and whenever the outcome I will let you all know, I hope that in time this post has the answers others need in the same situation. The highs and lows as they happen!

What I have not mentioned and may give you an idea of how desperate our situation is the financial worry lead to my partner attempting to commit Suicide in early March through worry, she took 64 tablets and is left with a damaged recovering Liver. Try to imagine as a father for a moment what it is like at home with your kids while the love of your life is just down the road in hospital with her life in the balance. My partners Parents even took the kids off of us for almost two weeks, it was awful but I could understand. We are in such a mess.

I just wish that there was help out there for home owners while everything out there is all designed around people who rent from the Council or Associations. It is crazy!

I even called the Solicitor and he was really harsh with us and is taking steps to book a Court date to move forward for repossession. He said that the only way he could help us is of we cleared the arrears, nothing else is workable. Because of the debt I cannot get any help and we are sinking so fast.

As far as debt firm above I have not dealt with them.

beecher2

Did you contact Shelter or any of the other organisations listed in the link?

E3N

I did and thanks for the advice - we was put in contact with the 'One Stop Shop', they have been working on our case and trying to arrive at a deal with the lenders but they have refused to deal with our debt advisor saying go through the Solicitors. They would never return the calls and went ahead booking the hearing for the 9th July 2010

We wanted to arrange paying the interest of the borrowings for up to six Months and start paying off the arrears.

E3N

Can this still be stopped or does this look as bad as my worse fears?

- In the past we have never defaulted since the start of our Mortgage!

SouthCoast

Who are the "One Step Shop"?

Are they free experienced debt advisers like Shelter?

As a homeowner, you can only be evicted if your lender or freeholder can prove there is a legal reason for evicting you and if the correct procedure is followed.

http://england.shelter.org.uk/get_advice/repossession

namzij

Hey I am sorry to hear about the predicament you are in. What alot of people dont know is that a repossession can be stopped even after the property keys have been taken off you and the bank still hasnt sold the property yet to recoup their costs. So its not the end yet, you can still fight for your home. I have posted a similar post which I 'll just paste here cos its about a repossession and how to stop the repossession. 1st things 1st is to fill in that all important N22 Form to bring about an emergency hearing:

Repossession can be stopped at any time during the process by completing and submitting the N244 application form; this generates an emergency court hearing.
At this hearing, no matter what has gone before, it is possible to suspend the possession order by the making of an arrangement, or by asking for time to sell within a realistic timescale.
In the majority of cases, where they can clearly see a before and after scenario and where the homeowners can afford their contractual repayments, an arrangement can be made which spreads the full arrears over the remaining term of the loan.
Section 36 of the Administration of Justice Act grants that a homeowner should be allowed to stay in their home and have their possession order suspended, if they can pay the arrears within a reasonable period.
Case law (C+G Vs Norgan and others) demonstrates that the reasonable period can sometimes be the remaining term of the mortgage.
In practise, however, it is better to make a realistic offer to the courts; usually 1% of arrears balance pcm should demonstrate desire to clear arrears (minimum £25pcm).
The lenders solicitors will often argue against an arrangement or demand an unrealistic amount, 8% - 10%pcm; often this is why they are back in court because of such a failed arrangement.
It is important that homeowners speak honestly and clearly and explain to the judge that they do not want to agree to an amount that is unsustainable; the arrangement must work long term.
A simple budget should be presented, which must be accurate but can be structured to demonstrate affordability and prioritisation of mortgage.
To clarify, if someone is paying £300pcm to credit cards, this can be shown on the budget as £100pcm towards a debt management plan as long as this is the intent after leaving court.
The budget must demonstrate some flexibility, perhaps £50-£75pcm excess for unforeseen eventualities.
In cases, where homeowners will no longer be able to afford their contractual repayments or will be highly unlikely to be able to maintain a payment arrangement, time to sell or refinance should be requested.
When a judge is given the choice between Two Yeses, (an indefinite arrangement or time to sell) at worst a judge should grant time to sell.
A period of 56 days is standard and this should always be requested even if they think they can complete a sale quicker.
The homeowner should explain that there is sufficient equity in the property, that there will be no prejudice to the lenders interest by a short delay.
They should also demonstrate value with Estate Agent letters or documents demonstrating an existing buyer’s position (Memorandum of Sale, Offer Letter, Solicitors letter etc)
If they are selling to a fast buying company, often the buyer can attend court as a helpful advisor (McKenzie friend).
It is good to explain to a judge that the buyer is part of a National Home buying Company, they are financially able to complete the transaction, are chain free and thus the transaction is fully proceed able.
All vendors should be encouraged to submit their mortgage details for possible compensation to (loan check: uk website, best to google it or to a representative of cartel client review, also a uk website).
If a claim is approved for underwriting, the homeowner should state to the judge that an insured compensation claim is proceeding against the lender and that it carries a minimum payment of £5,000 with a maximum yet to be assessed.
When the claim is settled, this money will be immediately credited (at borrowers request) against the arrears balance.