newbie, mortage arrears, lpa reciever

devreeze

hi,im new to this site and just wanted to ask advice on my situation, i have two houses one i bought to renovate over 5 years ago which i completed and used equity to purchase a house that i would restore as it is a much older property i did this not to make lots of money but a general interest in period property and wanted to get on the ladder. i rented the first property out and then went to university at which point the tenant decided not to pay rent which continued for over 6 months in which time the house was damaged and I had arrears on the mortgage and other credit debts due to the bad tenant of which i am still paying off. the mortgage is with a lpa reciever and have been speaking with national debt helpline to get plans in place for repaying debts. my mortgage fixed rate term is up this year and wondered what the best options would be regarding my mortgage with arrears, also wether any body has advice for someone in this situation. many thanks

Wutang_2

First impression. Learn to read and write, knock university on the head (what course are you doing??) and sell up.

devreeze

Thanks for the great advice, you must be having a bad day. Although taking advice from someone named wutang might not be the best way to go.

Thrugelmir

What are you properties worth?

How much do you owe them?

How much "other" debt do you owe including the mortgage arrears?

Trollfever

Has the LPA Receiver been appointed to manage both the properties?

celticdragon

devreeze, the same thing happened with me, see https://www.mortgagehell.net if you are bored

anyway, i moved back into the property that was under control of the receivers. this was agreed by a judge in a case of trespass.

The LPA receivers then gave control of the property back to the Bank, telling me they can not deal with it when the mortgage account holder is living in the property. You then need to sort out payment arrangement with the Bank.

Thats my understanding of it, hope it is correct understanding and that you've found this info helpful.

Good luck!