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reposession advice - please help
marleyhull
Posts: 15 Forumite
Hi, has anyone got any advice or experience of the situation below, if so please let me have your thoughts.
House has a mortgage of 423K and arrears of 30K. Reposession order was granted however judge made them wait 56 days as house is cuurently on the market. House is valued at approx. 375k but has been for sale at 410K. Offer for 390k has been recieved and conveyed to lender but they say they are not interested and will wait for reposession (due dec. 13th). Buyer has nothing to sell, mortgage agreed.
Someone has suggested i reapply to the court for an 'order of sale' as the offer is more than house is worth and far more than lender would get at auction (circa 35k). I have vacated house, currently on a friends sofa and cannot afford legal; advice as to whether this is worth doing. I have been advised that even if i did do it and failed leneder would then have to justify selling house for less in the future.
I am unsure whether to go back to the court or simply hand over the keys now and pass on the prospective buyers details to the lender. I will not be able to repay (anytime quickly) any shortfall left after house sale.
any ideas appreciated
House has a mortgage of 423K and arrears of 30K. Reposession order was granted however judge made them wait 56 days as house is cuurently on the market. House is valued at approx. 375k but has been for sale at 410K. Offer for 390k has been recieved and conveyed to lender but they say they are not interested and will wait for reposession (due dec. 13th). Buyer has nothing to sell, mortgage agreed.
Someone has suggested i reapply to the court for an 'order of sale' as the offer is more than house is worth and far more than lender would get at auction (circa 35k). I have vacated house, currently on a friends sofa and cannot afford legal; advice as to whether this is worth doing. I have been advised that even if i did do it and failed leneder would then have to justify selling house for less in the future.
I am unsure whether to go back to the court or simply hand over the keys now and pass on the prospective buyers details to the lender. I will not be able to repay (anytime quickly) any shortfall left after house sale.
any ideas appreciated
0
Comments
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Get in touch with Shelter
http://england.shelter.org.uk/get_advice/repossessionHomeowners 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.0
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