Repossession Help

fairyclicks

Hi there,

I'm looking for any ideas that might help stop my partners house being repossessed. Basically he owes almost £3,000 in arrears on his mortgage and had a court date of 13/3. He has been unemployed and to get out of this situation has gone through a steps to work program to set up his own business. This course finishes at the end of March when he will be officially be able to take a wage from the business etc.

The court have basically awarded the repossession order but have postponed it for 56 days so he can bring financial information forward. They have said they don't think the business is viable. In the meantime he is expected to make the mortgage payments.

I suggested he should ring the mortgage company and ask them what he needs to do to stop the house being repossessed. If he paid the arrears for example would it stop it or is it too late for this.

I also wondered about either me or his mum being added to the mortgage or acting as a guarantor or something.

Anyway i was just wondering if anyone knows what it would take to stop the repossession or have any ideas we could try.

Thanks!

kingstreet

Is he getting mortgage interest support from the state?

fairyclicks

No he isn't - he is not living in the house at the minute so he is not eligible for that as far as we know.

kingstreet

Who is living in it then?

fairyclicks

He was renting it out as he had been travelling for 2 years before this but the tenant moved out and left the house in a mess about 6 months ago. He has just spent £1000 on buying a new kitchen in and redecorating it and was hoping to get it rented out again. He is now in a dilemma about even installing the new kitchen. The benefits people were informed about all of this and were paying HB for the tenant living there. Now the house is empty though i don't think he can apply for help with the mortgage as i think he would have to be living there.

betmunch

so why isnt he living there? Surely moving in and get to work on the arrears and the problem goes away?

fairyclicks

Because it is cheaper for us to live together rather than have 2 lots of bills and when the house is rented out it covers all his mortgage rather than just the £100 odds he would get from the benefit he could claim towards it.

For him to live in the house makes the situation worse not better as then he wouldn't be able to rent it out. He would have to find an extra £200 ish to pay just the mortgage on top of the benefit help with it. Also another say £200 a month for his own bills - he can't even afford that at the minute never mind start to pay off the arrears.

At least with the house rented he can pay something off the arrears as well. Problem is he can't rent the house while it might get repossessed in 56 days. If we can find a way to stop that happening he can rent it out and sort out the arrears - we just don't know how to stop it getting repossessed or even if it can be stopped now.

betmunch

fairyclicks wrote: »

Because it is cheaper for us to live together rather than have 2 lots of bills and when the house is rented out it covers all his mortgage rather than just the £100 odds he would get from the benefit he could claim towards it.

For him to live in the house makes the situation worse not better.

ahhhh, any chance of selling it? Better to do it your self than let a lender do it.

fairyclicks

betmunch wrote: »

ahhhh, any chance of selling it? Better to do it your self than let a lender do it.

I don't think so, it would need to get sold within the 56 days wouldn't it?? and there is very little movement of property in this area at the minute.

betmunch

Most likely yes.

You mentioned paying off the arrears in the OP. Is this an actual possibility?

fairyclicks

betmunch wrote: »

Most likely yes.

You mentioned paying off the arrears in the OP. Is this an actual possibility?

Yes definitely, he will be able to take a wage from the business from the end of this month and if he can rent the house out the mortgage payments will be covered. We estimate he could clear the arrears completely in about 9 months but the court has deemed the business as not viable and granted the repossession order. Personally the way i see it is we have 56 days to come up with an alternative plan to save the house but as the court is not taking the business into consideration we are a bit stuck for ideas.

Sorry just realised you meant original post not other property by OP. I was thinking we could maybe ask parents for a loan if it would stop the repossession