Had my flat repossessed today

broke_but_not_broken_2

Hi

Last Novemeber l was subject to a possession hearing, which was the culmination of a horrible year. I had a well paid job but was made redundant and could not afford to pay my mortgage and debts and survive.

Luckily when the possession order came from the court it had details of the CAB and the help they could be in this situation.

I was helped through the process by an advisor, who later attended court with me. I was in the process of selling my house to a company at below market value but the advisor from CAB outlined my other options which included making an offer to the mortgage company to pay off arrears which l am doing at £40 above my monthly payment.

I was advised if the possession order went through and the warrent for possession was made for 28 days after that date having a signed contract with a buyer could delay possession further, but there must be evidence of the sale going a head i.e. the contract. It would also have to be ratified once again by the court.

I was also told that if the mortgage company did repossess, l may not benefit from any of the capital accrued in my property as it could be sold with speed in mind, possibly at auction and there would be associated fees with that, in effect l could still owe them money.

In any event l decided to sell my house on the open market as since the agreement has been made the house is mine indefinately as long as l make the payments on time. I was very lucky, had l not been to the advisor l wouldn't have known that the DSS had not made a proper calculation of my mortgage relief and l would not have been able to placate the judge with a one off payment of £900.

If you have a CAB service it might help you to clarify the way forward by objectively looking at how things stand. I know that when all this was happening to me l felt so ill l just lurched from one way to the other, going to court was the most frightening thing l have ever done.

Good luck with whatever you decide, l know how difficult this must be for you especially since you have a tenant to consider.

lostcrusader

Although I have been through it also back in the last propert boom and crash in the early 1990's.

I hope that you overcome the problems.

I would reapply to the court for a statement of means to be reviewed by the court.

This should allow all income be taken in to account and then balance out the primary living expenses, then secondary living expenses .

You could ask the courts to place a charge on the property so that once you sell, you would repay the debt plus interest at the statutory charge on completion of the sale.

This would help protect the full market value of the property, ensure your mortgage company continues to get its money monthly.

If they sell it at lower valure they then lose out. They would have to chase you for the money and personally if the debts added were above £15000 that were owed just declare your self bankrupt. Wipe the debts out and after a year it is wiped clean.
After a year the bankruptcy order will be cleared and 6 years of being refused credit.

So pay cash for everything for six years or open a basic co-op account that allows an electron card.



Also, if you have been charged bank fees, loan fees for missed payments you may want to chase up the "reclaim your bank charges forum"...

May help you out a bit financially to get a deposit to rent somewhere should you been over charged.


GOOD LUCK... :beer:

Storm

I don't know anything about repossessions & your rights etc, but I would say that at this point you tenant is unfortunately not high on your list of priorities (and I'm a tenant myself) Offer them a fantastic reference & try to tell them face to face if possible - and if you feel you can offer a hand with the moving (cos especially if it's just down the street hopefully won't need a van just loads of people)

If selling to the person you know will save a repossession on your credit rating I would do that, because if the mortgage company are going for a quick sale they won't neccessarily get much more than that.

I echo others that have said to get legal advice asap to find out whether you can appeal the decision, whether you can arrange a private sale in the meantime etc

Good luck

roswell

lynzpower wrote:

hang on, no one has said he is BTL. Quite a few people round here rent thier houses out as they can no longer afford to live in them. I suggest all you HPCs go gloat somewhere else. :mad:

The point is as a BTL the tenants wont have half the trouble that they will have if he doesnt tell them .... id rather be with a landlord that has a BTL as apposed to a gents agreement and suddenly find out that on tomorrow im homeless.