Giving up House

sundays

you will find the SL if it is similar to mine will take months to do anything if there is no payment, id def pay the first mortage and think over all the options re the SL, you may find the SL does not bother taking action.
The SL will send tons of letters make hundreads of phone calls , at the start and put a lot of pressure on however they will then likley after many months prob send it to a solicitor to action the debt, at that point is when i found negotiation pays, i halved my monthly repayment for the life term and got a nil percent intrest that is with endeavour.
i had paid around 3 years over the 25 year term.

Even if they did go for possession you turn up at the court get a suspended possession order agree the term to be paid and get the court to add the arrears onto the life balance and agree a seperate arrears repayment , these work out to be small payments , it is wise to way that option up as its gives you time to save . should you decide repossession is the answer.

I would not not pay the first mortage as they will go for possession normally after 8 weeks.

Remember even if it did go the full distance , the SL profits will be neglible if anything a repo will always esp in todays climate be sold at a reduced price, and as a discharged bankrupt , any shortfall would be lost.

I would use this time to get some good advice and think out all your possible actions.

Just to add the above has been my experience. But nothing is ever guaranteed.

immoral_angeluk

You may wish to seek advice on whether applying for a time order would be appropriate.

Ineedaname

sundays wrote: »

I would not not pay the first mortage as they will go for possession normally after 8 weeks.

Length of time before repossession happens varies widely depending on the mortgage lender.

The OP wants to keep the house so needs to keep paying the first mortgage as advised in other posts.

davetheman

Should we pay the Secured Loan company token Payments? As stopped the December D/D now getting calls.

sophistica

Hi Dave, you haven't heard from e as I know nothing about bankruptcy etc but I am pleased that you are getting some good advice especially from Silvercar and Sundays. They are confirming that it is possible to do a deal with the SL company. Good luck.

davetheman

Just to give an update, we have not paid the Secured Loan for December but am still paying the morgage. Am avoiding calls & letters, will write to secured loan company I was thinking in about months time. Anybody how long it will be before the secured loan company starts getting heavy with us

davetheman

Am getting letters now saying the are going to visit, only missed 1 payment so far from the secured loan, how likely is this to happen?

Maizy

Its difficult to say Dave, each company is different. It took around 6 months to get a suspended repo order then 6 months to repossess our house when we decided finally to give it up.

However, the first time we started to fall behind on the mortgage, we had a visit from the main mortgage company out of the blue, rather embarrassing to say the least and that was after a couple of payments missed. He was really only trying to help but when you are tearing your hair out, it doesn't always work that way. If you get a visit, he may just leave you a card if you explain that you are not in a position to discuss things, you would rather do it over the phone.

Its an awkward situation for you and we were totally torn as you are with a mortgage and SL and this is where you have to dig deep and look at all of your options realistically and deciding what your priority is, taking your future into account here. I would normally say try not to worry its probably an empty threat but having been in a position where we did get a knock at the door, I wouldnt like to say either way. Still, try not to worry, if they visit (I would guess its unlikely for the SL company), it is routine and they should remain professional regardless. They are only doing a job after all. Good luck.

davetheman

Getting letters from First Plus, should I ignore or make a token payment and then wait for a letter from the solicitor to see about a deal to write the debt off

davetheman

Had resolvecall guy turn up on the doorstep today asking for myself, I was out, my wife opened the door. Shook her up a bit. The card said called today for the 1st time, so implies they will come back, I understand they have no rights what so ever, is there anyway to stop them calling around?