Repossession or Voluntary Repossession?

debtinfo

well every house is different, each have there good and bad points

Tell me what are the best 3 things about the new house?

Maizy

Confuzzled

I know its really difficult when giving up your home and all the emotions that brings. I think if you have gone as far as obtaining a new home then giving up on the old one was the only thing you could do its hard to say right thing but yes probably was the right thing to do. In the grand scheme of things I had to keep telling myself its only bricks and mortar and really it is when the debts of it all are weighing a person down. BR was what actually put closure on it all for me, no going back and no looking back.

My rented house is my home and we are happy here, no more talking about debts, things are tight yes they are but we have the weight lifted and you can make it your home because whilever you live there that is what it is. Just look around you and give the place a bit of a tickle here and there to may it homely, you will soon be feeling the benefits of your decision.

Onwards and upwards and well done for taking this leap, I know how hard it really is.xxx

confuzzled2012

3 best things about new house, kitchen huge, fire in the front room, garage massive :-)

ldavo42

Hey confuzzled2012
Well done!!! i feel so proud of you, i'm hopefully packing up over Easter an moving out the week after, i feel I've loads to do an don't know where to start!! but i'll get there just like you.
I bet when all your things are in your new place and your children feel settled it'll start being 'home' for you all.
keep in touch, let us all know what life is like after voluntary repossession

confuzzled2012

hi, well the process has started, i've recieved a letter from my mortgage solicitors saying they'll take me to court for repossession if i don't clear the arrears in 7 days, obviously i want it to go to court but the letter also states they'll get money judgement (which i'm assuming is CCJ) at same time, is this correct? Still not decided on whether or not to go bankrupt, trying to sort my few debts out myself at the minute.
Other than that i'm happier now i've moved but don't feel attached to new place atm.

linseyproperty

Hi there i have a flat that i rent i have a 90,000 morgage the flat was worth about 90,000 but they have been selling for about 65,000 lately due to credit crunch one even sold as a repo for 55.000 i cant affort to keep this flat my question is
if the bank(nram) repo it and sold it of for say 60,000 would they they try pursue me for the difference (£30,000)
someone told mr nram are goverment owed and have a in policy and they will not pursue i dont know if this is correct
i would appreciate advice thanks

confuzzled2012

hi everyone, just thought i'd update you, my house was repossessed, not heard anything yet about it but do no it's been repossessed, they have my new address so i guess i'll know soon what the shortfall will be. I've done a SOA with CCCS and been advised to just do token payments with my creditors until such a time when i can afford to go bankrupt. I feel so much happier, there is more to life than worrying about paying the mortgage, my family and partner are what is important to me, everything else will just have to fall into place, I will go bankrupt in the future when i'm ready and when i've saved the £700, my partner is taking me on a well deserved holiday soon to recharge so i can't wait for that. It's not as bad as it seems, i have to drive past my old house a few times a week, that's tough but life, i don't plan on being in my new rented house forever but the most important thing is the kids are happy and a massive weight has been lifted off my shoulders. Thank you for all your support, i'm sure i'll need it again in the future at bankrupsy time.

dawny75

Hi, Im new to this and could really do with some advice.

Me and hubby have a mortgage with NRAM and have arrears of £800, its been on interest only for years. We also have secured loan with FirstPlus, £2,000 in arrears. Hubby got made redundant in May, I'm not working. We have received a default notice from FP and a letter before action from NRAM.

I have spoken to both companies about the situation (we simply cannot afford the payments and arrears) they have suggested waiting until it goes to solicitors. We have an appointment with Cit Advice debt adviser on 10th August. We did have the house up for sale in Jan but bottled it, we will be in negative equity and will owe second charge money. We also have some unsecured debt. Ive been reading through posts and just want to know when should we act? We cant keep the house going. My feeling is we should get a rented property in place and get out but what do we do? Do we still try and pay mortgage? Its such a big step to just lock up and leave...those of you who have done it are really brave!! Any advice would be welcome. Thanks very much.

piglet74

Hi

Sorry to re open an old thread but I am trying to get as much info for myself as possible

I have asked my lender (GE money) to consider me for the assisted voluntary sale scheme, they are due to get back to me next tues with an answer

If I am not accepted for the scheme, I will b handing the house back via voluntary surrender

I was just wondering if it was ok to do the following

Write to GE enclosing the keys and a short letter stating I have left the property

Move into rented accomodation

Wait to hear from lender re sale of house, shortfall etc

Consider options on paying the shortfall or going BR

Does this sound ok to anyone?

(I have found a house to rent and the LL is holding it for me for a month, I have been advised by an independant advisor not to make anymore payments on mortgage while GE are considering my application)

GE are aware that I intend to go down the voluntary surrender route if I don't get onto the assisted sale scheme

Tia

tigerfeet2006

Piglet, sounds like a very good plan to me.

GEmoney may or may not except your voluntary surrender of the house. If they don't then let them huff and puff and threaten untill they take it to court. Just write to the court that you have no objection to the repo and have found alternative accommodation. When GEmoney come to you with the shortfall plus all their expenses then go BR. Or if you have debts that you want rid of now then you can go BR now and the shortfall will go into BR when it occurs. If you are not going BR now may I suggest you start saving and getting the money together ready for when you do have to.