Possession hearing

broke_but_not_broken_2

Hi

I haven't posted before but have been reading posts on the site for quite a while.

I am 36, currently out of work (17 months) fed up, in 40K of debt and have a possession hearing about my house next week.

Now although on the one side l can be ok and think whatever happens at least l'm still here and l will survive, balancing this with the oh my god l am in so much trouble feeling is a daily struggle.

I thought that when my contract finished in May 05 that l would get a job fairly quickly as a senior manager with a lot of experience in my field, what l didn't account for was the fact that my previous job had totally burned me out and that although amply qualified (l have had an interview for every job l applied for) when it came down to the nitty gritty of giving a presentation and doing an interview l fell to pieces. Couple this with the shear look of desperation on my face l am not exactly a great employee prospect...

So there is the rub, a year of not paying a mortgage properly, a !!!! up by the DWP with mortgage relief and the fact that on 200 quid per month l can just about afford to pay the house, contents, mortgage, car insurance, TV licence and the utilities l am left longingly looking at the dogs dinner and wondering what exciting thing l shall have on my daily sandwich ...

Anyway cutting to the chase a possession hearing has been organised, l spoke to the CAB and was told to actively try and sell my home since l couldn't get the money together to try and pay off arrears... I contacted one of those companies who will buy the house for about 5p over what you bought it for (slight exaggeration but only 75% of value) that would give me 67500, my mortgage was 50000 and l have no idea if l will get zapped with large legal charges because of the possession hearing...(does anyone know?)
My friend has now offered to pay cash for it at 75000, which slightly grieves me since in its present condition it is worth 85-90 grand 95 if done up.

However my debts are 40 grand this is the only chance l will have of paying them off and living a relitively normal life if l can realise as much equity as l can. ( The CAB woman said l should try and sell on the open market provided we could sort out a suspended possession order with judge....l am fighting the urge just to get rid of it and start afresh as quickly as possible though)

So in my state of confusion and before l run back to my childhood bedroom and hibernate for winter does anyone have any advice or guidance on this/these issues especially the one about the legal fees...

Thank you for wading through this post will try and be more succinct in the future

cheers

dips_3

Advice - only that if the house is valued at £85-90K why are you considering offers of £67500 - £75000?

Why not put it on the market for £85K - lower end of valuation and accept £80K - at least you will get more than the previous offers you have had.

If it it well priced and priced to sell then it should be snapped up quickly enough.

broke_but_not_broken_2

I know that it is practical solution but at the moment l feel so tired and worn out with the shear struggle of it all it sounds like a quick way back to normality...

davek1

i went to my possession hearing and the court couldn't have been more helpful.

Stick the house on the market quci before the heairng. Ask the court for a defferred decision so that you can try to sell the house. Try to get something in writing from the estate agent that its priced reasonably to sell quickly.

You will be surprised how helpful the courts can be. Whatever you do go to the hearing. Half the time possession orders are made because people dont turn up

PM me if you wat more info
Dave

broke_but_not_broken_2

Thanks for that

i have had second thoughts about selling for such a low price but of course it will depend on whether l can get the possession order suspended. If l can sell it for a decent price then at least l will be somewhere nearer to paying off debts. Hearing is tomorrow and although l know that it will probably be ok still feel ill at the prospect but hey ho what will be will be...