Warning about property from 1st Jan 2011...

HOLIDAYMAD_2

The only way you can be evicted is by a baliff warrant and its 14 days notice at the worst - many people do hang on and ive seen esp households in that position 18 months after a PO in forthright has been granted before a warrant has been granted , no one wants a empty house esp in winter to go under the hammer, think burst pipes, vandilism , sqatters and most take everything and sell on from the skirting boards to the boiler leaving the house in a terrible state ie no doors, windows, boiler , rads. anything that can be so;d./

chipdouglas

Well, we rang up our mortgage company about voluntary repossession and they basically don’t want it back. They advised they would never ask any one to go down this route but explaining about the 2yr3mth thing the person on the phone didn't have any ideas about this.
I guess we will be stuck with the council tax and insurance for this property for a while longer now.

Ah well, may as well pack my bags and move back in :rotfl:

fiveyearplan

It would certainly be cheaper for you if you could move back in. How much negative equity do you have? What are your mortgage arrears? There was a member on here who moved out of his house in to rented accommodation then made a deal with his mortgage company to take his house back so now he is back in his mortgaged home. Are you paying more or less rent than your mortgage payments?

chipdouglas

fiveyearplan wrote: »

It would certainly be cheaper for you if you could move back in. How much negative equity do you have? What are your mortgage arrears? There was a member on here who moved out of his house in to rented accommodation then made a deal with his mortgage company to take his house back so now he is back in his mortgaged home. Are you paying more or less rent than your mortgage payments?

The house was last valued at £100,000 for a 'quick' sale by a local estate agent. (even though we paid £154,250 brand new off barrats 3 years ago! :eek:)
Our mortgage is £128,000 with around £2,600 of arrears.
We were paying £968pm and now pay £500pm for rent.

chinamonkey

hmmm intersting,....I hit the 2yr 3 months satge on 23rd Dec 2010....having had our mortgage statment and worked out repayment fees on our fixed rate mortgage... we would have about £8k in equity...we have heard nothing yet from the OR...would it best to keep quiet and hope for the 3 yr marker to go past and have it all vested back or say something?...

futurefree

hi sortinitout, just tried to pm you but not sure if its gone through.

Wanted to ask if you found out if you would be shot of the house after your discharge? Im in a similar situation, going BR tomorrow and I am on a joint mortgage with ex boyfriend, he has been living in the property and refused to sell when we separated, then he stopped paying mort and now there is huge arrears and neg eq on the prop, hes still living there and I thought the flat would be inc in my BR I want to sever all ties with him. Thansk

Seb20

wondering if someone can help me?
My partner and I are in a lot of debt due to him losing his job 2 years ago, getting a job on a lot less money and then losing that job too. We got by selling things we owned on ebay but now have nothing left to sell and can no longer afford our debts and mortgage. When we bought our house just over 5 years ago we got a Northern Rock 125% mortgage and also have another loan secured on the house. Since day one everything has gone wrong with the house to the point that we now hate the house as its causing us health problems because of the damp. Needless to say we are in negative equity but really DONT want to keep our house.
We are also desparate to start a family but 1) cant affrd to and 2)wouldnt want to bring a child up in a house that is already causing us health problems.
Having looked into our options we decided that Bankruptcy was our best option and went to see citizens advice who told us it was pointless going bankrupt as the house is in negative equity so we'd still be stuck with it due to the new law in Jan 2011. We went into citizens advice thinking we'd come out feeling so much better and ended up feeling 100 times worse.
We are both so down and couldnt get much lower and are in desparate need of some advice as to what we can do.

Any ideas?

Angiepange

Seb20 wrote: »

wondering if someone can help me?
My partner and I are in a lot of debt due to him losing his job 2 years ago, getting a job on a lot less money and then losing that job too. We got by selling things we owned on ebay but now have nothing left to sell and can no longer afford our debts and mortgage. When we bought our house just over 5 years ago we got a Northern Rock 125% mortgage and also have another loan secured on the house. Since day one everything has gone wrong with the house to the point that we now hate the house as its causing us health problems because of the damp. Needless to say we are in negative equity but really DONT want to keep our house.
We are also desparate to start a family but 1) cant affrd to and 2)wouldnt want to bring a child up in a house that is already causing us health problems.
Having looked into our options we decided that Bankruptcy was our best option and went to see citizens advice who told us it was pointless going bankrupt as the house is in negative equity so we'd still be stuck with it due to the new law in Jan 2011. We went into citizens advice thinking we'd come out feeling so much better and ended up feeling 100 times worse.
We are both so down and couldnt get much lower and are in desparate need of some advice as to what we can do.

Any ideas?

Hi there

I can't understand why CAB have said this?

Surely if you wanted to you could stop paying the mortgage and debts, then walk away from the house and voluntarily repossess it. I don't see how you could be stuck with it for 3 years if you take that course of action? If you got out into rented and went BR then any shortfall from the property when its eventually sold would be included in your BR.

I thought the 3 yr rule meant that if you want to stay in your property and can continue the mortgage payments, the OR has up to 3 yrs to decide what to do with the house. ie sell you their beneficial interest.

I am wondering if you need some advice from one of the other debt charities too, get a second opinion. You can ring National Debtline or CCCS and see what they say.

eklynne

Hello everyone.
I need a bit of advice, I seem to be one of a rare breed who have a fair bit of equity in their home.
I was made BR in Jan 2009, moved out of the mortgaged property in February 2009 and after OR interview have basically heard nothing. Property has lain empty ever since
I have received a letter over the weekend from the OR suggesting that they are now planning to sell the property and gave the following figures - Value of home - £70,000, mortgage outstanding - £45,760, money owed to BR - £9320. There was other stuff there including offering to buy the interest and whatnot but that's not an option for me. Anyway, I'm a bit confused. If they sell the house, will I get anything at all? I'm going to the CA on Tuesday but I'm feeling a bit bewildered considering I hadn't hear anything for nearly 2 years! I thought they'd forgotten about me! Help?

silvercar

eklynne wrote: »

Hello everyone.
I need a bit of advice, I seem to be one of a rare breed who have a fair bit of equity in their home.
I was made BR in Jan 2009, moved out of the mortgaged property in February 2009 and after OR interview have basically heard nothing. Property has lain empty ever since
I have received a letter over the weekend from the OR suggesting that they are now planning to sell the property and gave the following figures - Value of home - £70,000, mortgage outstanding - £45,760, money owed to BR - £9320. There was other stuff there including offering to buy the interest and whatnot but that's not an option for me. Anyway, I'm a bit confused. If they sell the house, will I get anything at all? I'm going to the CA on Tuesday but I'm feeling a bit bewildered considering I hadn't hear anything for nearly 2 years! I thought they'd forgotten about me! Help?

So has no-one paid the mortgage since Feb 2009! and the lender not repossessed? Even with all that equity in it??

What is the £9320? the money to be returned to you if the equity is used to clear your debts? Does that mean the bankruptcy is cleared?