will going bankrupt after mortgage rescue be classed as fraud??

charley1

Angiepange wrote: »

Hi Charley1

There are some really good informative replies on here. I hope you get a definitive answer as soon as possible. Good to hear also, you have had a positive experience with the council and HA

I can't speak highly enough of the scheme in reagrds to outcome if successful. However the execution of it for myself was a whole different story :eek:

I have sent you a PM on my thoughts.

Good luck

Angie x



Wow, if only I had access to a document like that back in 2010!

Very informative, thank you Depth Charge for the link.

Thank you so much for the pm it is really informative x

Angiepange

Depth_Charge wrote: »

Hi Angie

You know you are welcome (add it to your thread on MRS if you think it helps)

By the way just like to say that it is fantastic and a credit to you that you continue to help and support people like you do, no substitute for first hand experience and you certainly have that as far as the Mortgage Rescue Scheme is concerned from what I have read

I know another poster has already linked to your original thread on the MRS, but here it is again and well worth a look through in my book

https://forums.moneysavingexpert.com/discussion/1930931=

Thanks for your kind words

charley1 wrote: »

Thank you so much for the pm it is really informative x

No problem and hope you can keep us all updated as to how you are getting on with the MRS.

Fingers crossed for you x

charley1

Hi everyone the lady at the council called us yesterday and told us that shelter had been in touch with her and there is basically nothing we can do about any of it,since northern rock switched us over to n-ram there were apparently new terms and conditions set out which state if there is any shortfall on the mortgage after it is sold through mortgage rescue they will charge you the outstanding balance with a variable rate of interest,obviously it is annoying because we never signed up to n-ram we were just put there like many others were,the lady at the council did say if we decided not to go through with it we could be classed as making ourselves intentionally homeless so they wouldn't be able to help us but if we go through with it by the time we pay the rent and money towards the shortfall it will cost the same if not more than our mortgage is now and thats if the interest rate stays the same, and we want it paid in 10 years so in short we cant afford the mortgage and can't afford mortgage rescue,we will go through with it and deal with the money side after because the most important thing is keeping a roof over our children's head, we spoke to national debtline and they are convinced we wont be able to take the shortfall into bankruptcy because of the deed we have to sign but others think we can so fingers crossed national debtline are wrong. If there are anymore developments I will let you all know thanks again for all of your advice this site is fantastic

Depth_Charge

charley1 wrote: »

Hi everyone the lady at the council called us yesterday and told us that shelter had been in touch with her and there is basically nothing we can do about any of it,since northern rock switched us over to n-ram there were apparently new terms and conditions set out which state if there is any shortfall on the mortgage after it is sold through mortgage rescue they will charge you the outstanding balance with a variable rate of interest,obviously it is annoying because we never signed up to n-ram we were just put there like many others were,the lady at the council did say if we decided not to go through with it we could be classed as making ourselves intentionally homeless so they wouldn't be able to help us but if we go through with it by the time we pay the rent and money towards the shortfall it will cost the same if not more than our mortgage is now and thats if the interest rate stays the same, and we want it paid in 10 years so in short we cant afford the mortgage and can't afford mortgage rescue,we will go through with it and deal with the money side after because the most important thing is keeping a roof over our children's head, we spoke to national debtline and they are convinced we wont be able to take the shortfall into bankruptcy because of the deed we have to sign but others think we can so fingers crossed national debtline are wrong. If there are anymore developments I will let you all know thanks again for all of your advice this site is fantastic

Hi

Thank you for this information

First, the lady at the council would do well to read through the link below with regard to the intentionally homelessness rules and the Mortgage Rescue Scheme !

http://www.communities.gov.uk/documents/housing/pdf/1304826

Full code of guidence below

http://www.communities.gov.uk/documents/housing/pdf/152056.pdf

Are they seriously suggesting that if the mortgage rescue goes through then any subsequent shortfall will have to be paid via full normal contractual installments even though this would be classed as a non-priority debt as it would no longer be secured on the property?

Apologies if I have misread your post Charley.

win123

Hi Charlie1

Let me first start by saying that I am so pleased that you have been accepted on a mortgage rescue scheme and I hope everything works out for you and your family. Nobody deserves the worry of loosing their home. I was wondering if you could offer me some advice please,

I currently have a joint mortgage of 101,000 with my mum who is retired due to ill health and the repayments are 720 per month which is crazy - I am also on a debt management plan and paying them 92 per month for the next 14 years or more - I cant afford my mortgage anymore as my son has just dropped out of college and that means my income will drop by 320 per month due to no family credit I am now in a big panic as i cant cope with the stress of being homelss anymore - Do you reckon we will be eligible for mortgage rescue? My mum is on pension credit etc and claims DLA - please can you advise i am worried to death xx:) and once again so glad you have been accepted for mrs good luck x

win123

charley1 wrote: »

Hi I was wondering if anybody on here could help me,me and my husband are going through mortgage rescue and we have been lucky enough to be accepted onto the scheme, due to other debts we were planning on going bankrupt later this year (we have been considering this for over a year now) but are really worried as we have heard if we do this after mortgage rescue it could be classed as fraud! our mortgage company will only agree to let us go through mortgage rescue if we sign a deed of agknowledgement for the shortfall which everyone says not to do,we are so confused and don't know what to do for the best any help in this matter would be greatly appreciated
thanks in advance

Hi Charlie1

Let me first start by saying that I am so pleased that you have been accepted on a mortgage rescue scheme and I hope everything works out for you and your family. Nobody deserves the worry of loosing their home. I was wondering if you could offer me some advice please,

I currently have a joint mortgage of 101,000 with my mum who is retired due to ill health and the repayments are 720 per month which is crazy - I am also on a debt management plan and paying them 92 per month for the next 14 years or more - I cant afford my mortgage anymore as my son has just dropped out of college and that means my income will drop by 320 per month due to no family credit I am now in a big panic as i cant cope with the stress of being homelss anymore - Do you reckon we will be eligible for mortgage rescue? My mum is on pension credit etc and claims DLA - please can you advise i am worried to death xx:) and once again so glad you have been accepted for mrs good luck x And will Mortgage rescue still be considered if I am in debt with loans and cards which are currently with cccs

charley1

Hi I think you would be entitled to apply as your mum would be classed as priority need,if you check your local council website and check out there homeless section it should tell you if you have anyone in priority need living with you,

go on directgov.co.uk and search mortgage rescue it should give you some answers.

for everyone who answered my questions I would like to say a massive thank you,we completed at the end of June and feel as if a massive weight has been lifted :j mortgage company are still being idiots and have yet to tell us how much we owe but other than that its all good thanks again xx

dancingfairy

Hi Charley - I really hope you are able to get some help to take this ridiculus situation on - how can they make you liable for any additional debt after going through mortgage rescue because they signed you up for terms and conditions you never agreed to? that's bonkers. I hope you can get some help - perhaps a legal specialist would take your case on a test case(maybe Angie knows someone through her thread)? or maybe you can take a complaint through the legal ombudsman service? Either way I hope things get sorted for you.
Best of Luck
df

Angiepange

charley1 wrote: »

Hi I think you would be entitled to apply as your mum would be classed as priority need,if you check your local council website and check out there homeless section it should tell you if you have anyone in priority need living with you,

go on directgov.co.uk and search mortgage rescue it should give you some answers.

for everyone who answered my questions I would like to say a massive thank you,we completed at the end of June and feel as if a massive weight has been lifted :j mortgage company are still being idiots and have yet to tell us how much we owe but other than that its all good thanks again xx

Great news on the completion :T:) well done xx