Repossession Help Needed Now Please!!

caribbeanblue

Hi all

My relative has been given basically seven days to clear any items from his property. He has fallen into significant arrears and the mortgage people are asking for 8000 before considering halting the reposession and also details of income and outgoings and how future payments will be made.

Is this standard practice? We are thinking now that we know the situation as a family we may be able to collectively find the 8000 to save the house (Its the home we all grew up in ). We don't know whether after doing this my brother still will be able to keep the house. We have up until the 16th December, but the notice left on the window gives until the 9th to clear the home of any items by arrangement. If we cannot find the 8000, is there anything at all we can do?

Is there any way at this stage to save the house? Please help with info and advice

Thanks for reading

GMS

Can your relative make the mortgage payments in future? If not the lender may not stop the repossession as they will need to go for it again when further arrears occur.

What is the property worth? How much is outstanding on the mortgage?

Could a family member purchase the property from him?

caribbeanblue

Hi GMS, thanks for replying

Yes he can make the repayments in future, and is in the process of contacting CCCS with his income details.

Regarding how much the property is worth i'm not sure but I can find that out from him. The amount outstanding is about £56 000.

I don't think he had thought of any of the family buying the house as an option at this stage, would that be a possibility as I know that one or two could afford to right now. If they are interested what should they next? Im really sorry if it seems a silly question but I dont know the proceedures involved.

GMS

First thing to do is speak to the lender and stop the repossession. If the arrears can be paid and a proposal put forward then this is the first step.

Once repossession stopped the ball is back in your brother's court. He should decide realistically if he can afford the place going forward, and if not then look at other options.

Much better to dispose of a property under your own control than somebody elses.

caribbeanblue

Would payment of the arrears and a proposal at this stage be enough to stop the reposession? Some of the family have said that paying the arrears is money potentially that they wont see again if the house is repossessed anyway. Is there was a way to reassure them, that contributing to paying the arrears will make a difference and stop the repossession.

GMS

Ask the lender, they ared the only ones who can give the answer.