Getting repossessed-Who has been through it?

live'n'learn

I was hoping that some people who has been through the House repossession process could share their story ie each stage of what happens from when they miss their payments until they have to actually move out. What options were available reference getting somewhere to live, fees you were charged by the bank and the timeline from start to finish?

I have now missed 3 payments and had the "we are not impressed with you" phone call from the bank!

Here in N.Ireland we will be getting temporary housing when we have to move but that could be anywhere, although thankful this will happen my wife & i work in my city and my daughter has just started nursery also!

I rang the Housing Executive who will house us and they will not rehouse us until we get an EJO, sorry for souning stupid but what is an EJO?

Angiepange

Hi Keysey.

Thank you for posting. I am in England and have no experience of the Northern Ireland system but just wanted to say, sorry to hear you are facing repossession and hope your stay in temporary housing is a short one.

I have also faced repossession, however found a different solution that not many people may have come across. After going through redundancy, illness and bankruptcy we found ourselves in a position where we could no longer pay the mortgage. The threatening letters of repossession from the bank began and I searched for information on the process to find out what would happen to my family. Would we be re-housed by the council,could we afford private rental, how long would we have in the house before the bailiffs turned up.....the list of worries was endless!!

Thats when I stumbled upon the Government Mortage Rescue Scheme. Not well publicised at the time (Sept 09) and with severe lack of information or understanding from agencies that were in place to administer the scheme, it turned into a stressful 13 month fight to get us in the application process and finally through to completion. In a nutshell, our lender halted the repossession process whilst a Registered Social Landlord or Housing Association, appointed for my area, decided if our house was suitable for them to buy and rent back to us. We were succssessful and the upshot of it all was, we now remain in the home that was once ours (so no upheaval of moving) and we rent from a Housing Association (more secure than a private landlord) at 80% market value rent of what we would pay in private renting.

My experience is here https://forums.moneysavingexpert.com/discussion/1930931=

Good Luck

Angie

Gothicfairy

Not to put a downer on Angie's post as I am glad it worked for someone it does not work for everyone, or even most people I think.

We applied for the homeowners rescue scheme ( slighty different as it reduces payments for 2 years) and the mortgage rescue scheme as was turned down for both, to even get that far took a letter from my MP and constant communications.

We are giving our house up also as we just can not afford the full payment of over £700 per month (only a 3 bed ex council terrace house at that) with only one wage now and the mortgage company just will not help . To be honest I think it has just all got to much now and we just want it eneded so I do understand where you are coming from and wish you the best of luck.

Angiepange

Gothicfairy wrote: »

Not to put a downer on Angie's post as I am glad it worked for someone it does not work for everyone, or even most people I think.

.

I understand your viewpoint here gothicfairy. I haven't been able to find recent statistics as to how many successful Rescues there are now.

I certainly know from speaking to contractors appointed by the Housing Assoc to carry out work in our property, that they are now extremely busy working on rescues compared to this time last year (1 or 2 a week to 10 plus a week), so maybe it is picking up slowly?

Yes, the criteria is strict, but I was also told that many people who start on the process of MRS and are then deemed unsuitable, are directed to other avenues of advice and help regarding stopping repossession or managing debts. So hopefully people are benefitting in some ways.

Best of luck to you.

Gothicfairy

I really hope you are right and that things are getting better, cos it would be hard for them to get worse..lol

When we were turned down all we got was a "no " letter and nothing else, not advice or help or what to do now.

I think a lot of it for us is that we have now given up the fight and are looking to leave the country to live somewhere less modern and thus take away the elecric,gas, phone etc etc bills and all for the price of a deposit on a rental here

But I do really hope things get easier as it is depressing and I think there are a lot of people out there like me who do just give up cos it aint worth the fight.

live'n'learn

Thanks everyone for your replies!!

Has anyone been through the whole process? Just wondering what happens as soon as the bank realise that i am unable to pay my mortgage? Thankfully we do not have the bailiffs over here so we can bring what we own with us.

One downside which might make things difficult ref my wife and me working here where i live and my daughters school is that Temporary Housing which will be provided could last a year or so.

I would love to get a Housing Association place but lack of housing is a big problem here in N.Ireland

ani_26

I have.

If you would like to ask any specific questions, then please feel free to pm me and ask away.

I hope everyone will forgive me, for not wanting to relive the whole process, publicly just right at the moment.



Nohope x

live'n'learn

I just received a letter from the Solicitors representing the bank that i have the mortgage with which is a summons. I have said on here that i am not going to contest the repossession so do i ignore the letter and let things take there course?

tigerfeet2006

You can either go to court on the date and tell the judge that you will not be contesting the repo.

Or you can write a letter to the court with your details on, so they can connect you to the banks petition and to you and tell them you are happy with the repo to go ahead.

counting4christmas

Hi Live n Learn

I lost my home to repossession back in 2008, my story like others is fairly unique to me.

Oct 2007 - bought house with ex boyfriend - paid 95k for a 3 bed ex council house on a 95% mortgage with GMAC, the 5% was vendor gifted and having had minor credit issues before (me - a couple of catalogue bills but all paid of at that time, ex - no credit history - not even an overdraft) being novices we thought this was all we could get and even paid a Finance Advisor 3k for the pleasure of recommending this

Dec 2007 - me and the ex were moving apart but still decided to try and stay together

March 2008 - I discovered that the ex was cheating on me with anything that moved, he left and promised to carrying on making payments until we sorted the house out. The day after I lost my job due to poor performance due to being distracted.

April 2008 - I contacted GMAC to advise of the split and to see what the options were - there was none, their advice - call back when you are in arrears

May 2008 - 1st payment missed, ex refused to acknowledge responsibility. I took legal advice to state that even if I paid mortgage he would be entitled to half of any profit. Pride got in my way and I refused to pay until his name came off mortgage.

June 2008 - Ex refused to have name taken off mortgage, GMAC's advice now in arrears was to have his name taken off the mortgage - helpful!! I discover that I am pregnant now after going haywire after ex left.

July 2008 - House is now in 10k negative equity after Market downturn. Ex has now turned to getting free legal advice from solicitors who send threatening letters 1 I respond and then get a letter back that they no longer represent him (I'm assuming he ol took the free initial consultation)

Aug 2008 - Turn into a sitting duck with no way out. Stress causes pre eclampsia in pregnancy and I am in hospital most days. I then cancel all DD for council tax, utilities

Sept 2008 - Informed that GMAC are going to apply to repossess the house

Nov 2008 - Court date for repossession - I am rushed into hospital with bp of 180/140 - wonder where that came from!!! So did not attend. Informed by letter that I have 28 days to vacant the property

Dec 2008 - Released from hospital for weekend and at 8 months pregnant instead of resting moved out of house 2 days before for final date. It was the 2 year anniversary of my step dads death and the most shameful day of my life.

Jan 2009 - gave birth to to baby boy!! house remains empty

June 2009 - house is sold for 60k, await letters for the recovery of shortfall. Decide that BR is only option and prepare myself mentally

Fast forward 2011 - GMAC never contacted me for downfall and I buried my head in the sand and never went BR. Finally in March 2011 I take the plunge and go BR - it was the DCA letters for unpaid utility bills that prompt me to do so, not the Shortfall from mortgage

April 2011 - OR interview - GMAC informed of BR - still never had any correspondence from them.

I know that was more emotional than you asked for but hopefull it'll give you an idea of timescales. Having my home repossessed hurt so much and for me was so shameful that I didn't try harder that only BR has given me a truly "Fresh Start"

C4C

counting4christmas

Forgot to mention - my repossession was before all of the homeowner help available and before the government changed the guidelines of when to repossess - its my understanding that that they advise to only repossess after 6 months missed payments but it is down to each lender.