TMB - The Mortgage Business

bloodynora

hi,
i have a mortgage with tmb and am almost 2 months in arrears with the payments due to losing my job at the end of 2011. i could not get mortgage protection for redundancy etc as i was self-employed so have not been able to get any help with making payments to tmb. My partner works part-time but their wages are nowhere near what we need to pay our mortgage.
Has anyone here been in arrears with tmb and if so have they been easy to deal with and give you time to catch up with arrears etc or do they stick to the 3 months arrears and then pursue you for repossession? Also, if tmb has sought repossession off any of you, how long does the whole process take usually?
any help would be great, thanks

ACG

Have you spoken to them?
See if you can extend the term/transfer to interest only or both. This will help get your repayments down....if it goes to court you can show that you have tried your best to keep on top of the situation and they are being awkward.

Ive never dealt with them but they dont want to reposess your home and sell it below market value it really is a last resort so try and work with them.

bloodynora

hey, thanks for the reply
yeah we actually extended our mortgage term last year by 10 years (it was previously a 15 year term but is now 25 years) so I think it may be difficult to get another extension plus my partner is now only working part-time compared to his higher income in his last job so realistically we cannot afford it. So what do we do? Do we give back keys? Wait to be told to get out? Start looking for somewhere to rent?
Partner seems to think he can get full-time work in the future (very optimistic!) and really doesn't want to give up house but I think this may be a chance to finally get rid of stress and debt by committing to bankruptcy as I see no light at end of tunnel. I know most mortgage companies say repossession is last resort but we don't have any suggestions to put to them as the money is simply not here. I work part-time for a huge company which has even cut-back on all overtime so that speaks volumes. I am on waiting list for a full-time position with another company but that is as they say a waiting game and may take up to 12 months. Don't think time is on our side.
Ho-hum!

ACG

Depending on your age they may allow you to extend to 30 years or as i said change to interest only for 6 months or so.

Personally, i would think your best trying to sell it - how much is your mortgage? Whats the value? Your best trying to sell it yourself you will get more, unless you dont have a hope in hell of getting your money back.
Maybe ask your lender for a consent to let....this means you can rent the house out, meaning you will still have your home and if times get better you can still move back.

There are options but you need to decide which is best for you...speak to them though, otherwise your credit file will get worse - do what you can to preserve that as best you can.

DVardysShadow

bloodynora wrote: »

but I think this may be a chance to finally get rid of stress and debt by committing to bankruptcy as I see no light at end of tunnel.

Do you have other debt? 3 months arrears on the mortgage is not enough to go bankrupt for IMO. And if you have other debt, the whole lot should be viewed in context rather than just plucking the mortgage problem out of the air and dealing with it in isolation.

I would suggest you do a Statement of Affairs http://www.makesenseofcards.co.uk/soacalc.html and post on the DebtFree Wannabe forum http://forums.moneysavingexpert.com/forumdisplay.php?f=76

bloodynora

yeah we are on an iva as well to cover other loans and credit cards we used to set up a business pre-recession. Just worried that once we hit 3 months arrears tmb will hound us and turf us out on the street. Am contacting them later to inform them of situation and see if they can advise or cut us some slack in the hope that things pick up. realistically with the iva and the mortgage arrears we probably would be told to go bankrupt but the little voice in my head wants me to stick it out before caving in - think the panic was making me fret and I wanted to throw in towel asap and get rid of all debt and stress but i would like to keep my house if at all possible some way. i love the house and the area and i owe £120,000 on mortgage but similar properties in same street are on market for £90,000-£110,000 but are not shifting at all. Don't want to uproot my kids either as they are very happy and secure here so I shall have to take bull by horns and contact tmb and see what they say!