Repossession advice- what happens next?...

cpisthedbb

Flyboy152 wrote: »

As she has a young child to care for, she probably doesn't have the opportunity to get more paid work.



If HSBC already have the deeds, I am confused why that would be an issue if you were simply re-mortgaging with them. If you were re-mortgaging with someone else, they are not going to release the deeds if you haven't settled any defaults with them.

I would imagine that your ex-partner has decided to treat herself and yours and her daughter as a priority, when it comes to securing accommodation for themselves. Which, on the face of it, may seem a little unfair from your perspective, but the most important thing for you to consider, is the future of your child and making sure she has somewhere to live. This is what happens when relationships fall apart and you will just have to accept that when things go wrong, they can be as bad as this.

I really think you need to just allow the repossession to go ahead and accept that you will be in debt by twenty thousand pounds and either work out a settlement with the mortgage lender, or go for bankruptcy. However, don't forget you need to make sure that your daughter is accommodated and I am afraid that includes her mother as well.

The problem was with HSBC that it was going from a joint mortgage to a single one. i tried every way possible to do this but was unable to do this. That was before i'd defaulted on the mortgage too.

That's not my concern now as it has gone past that point.

I'm worried about basically what happens next. I think the house will sell for around £55000 so the debt will be around £35000 with fees on top. Am I liable for the full debt or is it halved?

Plus how long does it take?

hillcats

They will chase you both as you are both jointly liable for the whole debt.

Flyboy152

cpisthedbb wrote: »

The problem was with HSBC that it was going from a joint mortgage to a single one. i tried every way possible to do this but was unable to do this. That was before i'd defaulted on the mortgage too.

That's not my concern now as it has gone past that point.

I'm worried about basically what happens next. I think the house will sell for around £55000 so the debt will be around £35000 with fees on top. Am I liable for the full debt or is it halved?

Plus how long does it take?

Sorry Cpisthedbb, but what is not your concern?

I am getting confused now. Why would HSBC object to releasing the deeds to another mortgage company, if there were no defaults and your ex-partner had not objected? What explanation did they give, because for the life of me I can't think any reason why they would refuse? If it was simply a re-mortgage with them, there would be no need to release the deeds. There may not even be any reason to change the title on the deeds either.

Although you are both jointly (and possibly severally) liable for the debt, if your ex-partner has no assets, or any means to service a debt, they will come after you for the whole lot.

cpisthedbb

Flyboy152 wrote: »

Sorry Cpisthedbb, but what is not your concern?

I am getting confused now. Why would HSBC object to releasing the deeds to another mortgage company, if there were no defaults and your ex-partner had not objected? What explanation did they give, because for the life of me I can't think any reason why they would refuse? If it was simply a re-mortgage with them, there would be no need to release the deeds. There may not even be any reason to change the title on the deeds either.

Although you are both jointly (and possibly severally) liable for the debt, if your ex-partner has no assets, or any means to service a debt, they will come after you for the whole lot.

I worded it wrong and should not have used the word deeds. I was unable to transfer the mortgage into my sole name due to not earning enough.

By not my concern I was stating that getting the mortgage into my own name was not my concern anymore as it's not what I need advice on.

I need advice on repossession and what to do next. Thought someone on here might have been in a similar situation and able to offer advice...

Flyboy152

But your situation and responsibilities involve far more than just your mortgage and repossession. For example, when it comes to bankruptcy/residency and maintenance etc. the court will want to know what steps you have taken to avoid repossession and this will include what efforts you have made to secure accommodation for your daughter. You can't ignore these things and concentrate on just one aspect of your financial condition.

I will say though, I have noticed more than one inconsistency in your account and I am concerned as to your motives for asking these questions.

cpisthedbb

Flyboy152 wrote: »

But your situation and responsibilities involve far more than just your mortgage and repossession.

I will say though, I have noticed more than one inconsistency in your account and I am concerned as to your motives for asking these questions.

My ex has made them homeless by not attempting to pay the mortgage, not me. How can I pay for me to live somewhere plus the mortgage on a house I no longer live in?

I really don't get what you're getting at. The inconsistencies that you mention are probably to do with shorterning the whole story which has panned out over the last 10 months.

I appreciate any advice but you haven't really given me what I'm looking for. All I am looking for now is what to expect and what happens next.

Flyboy152

cpisthedbb wrote: »

My ex has made them homeless by not attempting to pay the mortgage, not me. How can I pay for me to live somewhere plus the mortgage on a house I no longer live in?

Hardly her fault though. How would she have paid the mortgage with a part-time job and a child to care for?

I really don't get what you're getting at. The inconsistencies that you mention are probably to do with shorterning the whole story which has panned out over the last 10 months.

The deeds, the mortgage and the apparent red herring about the HIP, to mention but three.

I appreciate any advice but you haven't really given me what I'm looking for. All I am looking for now is what to expect and what happens next.

I have given you advice on what you need to consider along with the repossession, because that carries consequences beyond losing the property, but you seem to be only concerned about how this is going to affect you and not your daughter. As the NRP whose responsibility it is to provide for her, she should be your top priority.

cpisthedbb

Flyboy152 wrote: »

Hardly her fault though. How would she have paid the mortgage with a part-time job and a child to care for?



The deeds, the mortgage and the apparent red herring about the HIP, to mention but three.



I have given you advice on what you need to consider along with the repossession, because that carries consequences beyond losing the property, but you seem to be only concerned about how this is going to affect you and not your daughter. As the NRP whose responsibility it is to provide for her, she should be your top priority.

Hardly her fault though. How would she have paid the mortgage with a part-time job and a child to care for?
With her benefits she's on over £200 a month more than I'm on. I work 40 hours a week on a decent wage. I could afford it on my own as i was living there on my own for a couple of months before I moved out. I didn't add this as it complicates the story.

The deeds, the mortgage and the apparent red herring about the HIP, to mention but three.
I got my wording mixed up. I always thought if I was going from a joint mortgage to a sole one it would be a transfer of deeds to myself but I'm no expert and am probably wrong on this.

There was a few issues regarding selling the house. The main sticking point was who would have to pay for the HIPs. My mother is an estate agent and she was going to charge us just 0.3% agents fees if we sold it with the estate agent she worked for. The only problem is they needed the HIPs fee upfront which was about £400 iirc. My ex basically changed her mind about selling after the estate agent took all the photos and did the advert for it.

you seem to be only concerned about how this is going to affect you and not your daughter. As the NRP whose responsibility it is to provide for her, she should be your top priority
This is a concern of mine but a seperate issue which I don't need answers to on this thread. She has got family she can stay with after the house goes and as previously mentioned she's trying to get a council house.

Flyboy152

cpisthedbb wrote: »

With her benefits she's on over £200 a month more than I'm on. I work 40 hours a week on a decent wage. I could afford it on my own as i was living there on my own for a couple of months before I moved out. I didn't add this as it complicates the story.

I did ask you about this earlier on.

Two hundred pounds a month more than you, what benefits is she on? :eek: Do the CSA know? If she had been able to pay some of the mortgage, but deliberately avoided it, the mortgage company will not be best pleased.

I got my wording mixed up. I always thought if I was going from a joint mortgage to a sole one it would be a transfer of deeds to myself but I'm no expert and am probably wrong on this.

Hmm....not so sure you did, to be honest, it wasn't just relating to the deeds, there were other factors.

There was a few issues regarding selling the house. The main sticking point was who would have to pay for the HIPs.

The cost of a basic a HIP would have been about three to four hundred pounds, if you were to shop around. These are in most cases, arranged by the estate agent and settled after completion.

My mother is an estate agent and she was going to charge us just 0.3% agents fees if we sold it with the estate agent she worked for. The only problem is they needed the HIPs fee upfront which was about £400 iirc. My ex basically changed her mind about selling after the estate agent took all the photos and did the advert for it.

Four hundred pounds is not a lot of money, in the great scheme of things and the need for a HIP was withdrawn eight months ago. You focusing on that aspect for the reason for not selling, seems to be a bit of a smoke screen.

This is a concern of mine but a seperate issue which I don't need answers to on this thread. She has got family she can stay with after the house goes and as previously mentioned she's trying to get a council house.

Sorry, but during this thread it has appeared as though you were interested in only how it was going to affect you and your bitterness towards the mother of your child showed through. Don't you think that if you had been willing to help them find alternative accommodation, rather than (from their perspective), throwing them out of their home, things might have been different.

cpisthedbb

Flyboy152 wrote: »

I did ask you about this earlier on.

Two hundred pounds a month more than you, what benefits is she on? :eek: Do the CSA know? If she had been able to pay some of the mortgage, but deliberately avoided it, the mortgage company will not be best pleased.



Hmm....not so sure you did, to be honest, it wasn't just relating to the deeds, there were other factors.



The cost of a basic a HIP would have been about three to four hundred pounds, if you were to shop around. These are in most cases, arranged by the estate agent and settled after completion.



Four hundred pounds is not a lot of money, in the great scheme of things and the need for a HIP was withdrawn eight months ago. You focusing on that aspect for the reason for not selling, seems to be a bit of a smoke screen.



Sorry, but during this thread it has appeared as though you were interested in only how it was going to affect you and your bitterness towards the mother of your child showed through. Don't you think that if you had been willing to help them find alternative accommodation, rather than (from their perspective), throwing them out of their home, things might have been different.

I was shocked when I knew how much she was earning in benefits. I only know as she left her bank statements on the kitchen side after we split.

She was been awkward about selling as previously stated, she didn't want to sell the house for any loss. The house would have sold for a loss as we started renovating it but didn't finish it. At best it would have broke even, at worst we'd be offered a lot lower than we needed.

How can I help her find alternative accomodation? Were not even on proper speaking terms.