how safe is house with secured loan and mortgage

wallopadonkey

just wondered if any one knows if first plus are likely to try to grab the house at the slightest arrears or are reasonable? and if they can remove me and wifey and 2 and 3 yr olds with a reposession quickly or allow us to get rented accom first

basic details of mortgage etc here

we have been looking into these things and are not entirely sure how we should proceed and have not as yet missed any payments
currently
we have a mortgage with abbey 104,000
secured loan with first plus for 25,000

house accross road is for sale for 165k
ours just valued for a remortgage at 135k??


due to happen shortly

remortgage of house to amber for 119,600
payment less per month by £100
15,900 cash back

having problems with first plus's deed of postponement as the remortgage is still in progress now after 6 weeks

we will have the money to cover our monthly overspend for the next 18 months to work out summat

monthly over spend is £580 propped up by cc's

partial soa as follows

mortgage currently £680
loan first plus £250
tsb loan consolidation £400
council tax £80
hp for sofa £63
gas £46
electric £50
water £43
food £400
tv licence £11
home ins £25
car ins £56
child school £40
broadband/mobile £50
mobile contract £14
mbna cc £47
b/card £24
pet insurance £10
phone bt £24
tsb visa £16
m+s visa £12
total £2341
this does not include other shopping for clothes for boys nappies bits and bobs etc we not had a holiday for 4 years now
incoming
my wage £1300
wifey wage £500
chb £112
tax credit £40
total £1952


on these figures we show a 389 deficit however my wage is 13k basic pay and mainly commission based and so far not been a good month only basic plus a few hundred quid comms so we really a few hundred less take home however last year i made nearly 26k but with me the only sales person now we are 3 and i will be sharing the commission between 2 more keen salesmen and just to top it off had both boys birthdays and car tax etc it has us stretched a lot

thanks for reading

help please
we have spoken to cccs and they said that until we make a surplus of some kind they cant help up really and to ring the insolvency helpline

dave

beentherewornthetshirt

Have you considered rented accomodation? Perhaps sell the house, sort yourselves out?

wallopadonkey

we have we think sorted out a 3 bed flat in town for just 82 per month however they will need a credit check and 3 month rent up front and it will be available from june which is why we needed to know if we cud hang on in the house till then see

dave

wallopadonkey

bumped cos i still need some advice

gettingitsorted

Hi Dave ,

have you tried googling first plus to see if theres anything on the net about them?

Oldernotwiser

wallopadonkey wrote: »

we have we think sorted out a 3 bed flat in town for just 82 per month

Where on earth do you live??

silvercar

I can't see Firstplus agreeing a deed of postponement for a loan of £25,000 where the main mortgage is nearly £120,000 and the property has been revalued at £135,000.

I'm saying that based on the figures, not on any knowledge of Firstplus.

You are asking a secured loan to position themselves after a higher mortgage than they are already placed. So really they were following on from £104,000 and you are asking them to follow £119,600.

The revaluation of £135,000 is also going to worry them. There is only £15,000 equity between £119,600 and £135,000. Allow for selling costs, legal fees etc and if the was a repossession situation they would hardly get anything after this larger mortgage was cleared.

I know you may think the valuation is low but they will only base decisions on the figures they have.

Putting it another way, by increasing the mortgage, you are putting all your cashback on the mortgage and so it will occupy a higher position in repayment terms than the secured loan from Firstplus.

I know this isn't what you want to hear, but I've based it all logically on the figures you presented.

The only thing I could suggest is ringing Firstplus and asking them for a decision.

wallopadonkey

we have a letter from first plus saying that it is agreed and the only sticky point is the wording of the deed as sent to our solicitor which they are working on it has been difficult this year and this will give us some leaway another point is that except for the secured loan nearly all the debt in in my name only so is it possible for me to go br without my wife losing everything?

shameless-about-money

If you were to go the bankruptcy route the OR cannot make you move out of your home for at least 12 months, simply because you have children.

If you go bankrupt you are going to lose your house anyway, so what else has your wife got to lose?

Mike_St_Helens

shameless-about-money wrote: »

If you were to go the bankruptcy route the OR cannot make you move out of your home for at least 12 months, simply because you have children.

If you go bankrupt you are going to lose your house anyway, so what else has your wife got to lose?

Why are they going to loose the house anyway, it isnt always that way ...

shameless-about-money

Work the figures out