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mortgage repo help please
fredfred123
Posts: 2 Newbie
Hello
firstly thanks for reading this.....
the house I live in is owned by a friend of the family - I have lived here for almost three years. I pay rent on the property directly to friend and owner of the mortgage/house. however yesterday I received a letter from a solicitor (simply law) on behalf of the mortgage people (GE Money) saying they want to repossess due to 6k in arrears and various payment plans not being stuck to. This has already been filed in the county court. I have no tenancy agreement at all but can prove I have lived in the house since 2010 and paid all utility bills etc.
I have never missed or even been late with a payment but it seems the money has not been paid to the mortgage lender by my landlord.
As I love the property last month I decided to see if it was possible to buy it. I got the house valued by 2 estate agents. They valued it at 300-310K however the mortgage (not including arrears) is 365K outstanding.
If the mortgage people do repossess it they will lose at least 65K by the time sale costs are taken.
Can anyone help with any ideas - I would much prefer not to move (very settled and the cost of moving too).
Would the mortgage people let me pay the monthly payment direct (its not a buy to let mortgage) (Rent 950 mortgage 1046 - I can increase my rent to 1046 if needed but dont want to pay the arrears off for the landlord)
any help greatly appreciated
many thanks
firstly thanks for reading this.....
the house I live in is owned by a friend of the family - I have lived here for almost three years. I pay rent on the property directly to friend and owner of the mortgage/house. however yesterday I received a letter from a solicitor (simply law) on behalf of the mortgage people (GE Money) saying they want to repossess due to 6k in arrears and various payment plans not being stuck to. This has already been filed in the county court. I have no tenancy agreement at all but can prove I have lived in the house since 2010 and paid all utility bills etc.
I have never missed or even been late with a payment but it seems the money has not been paid to the mortgage lender by my landlord.
As I love the property last month I decided to see if it was possible to buy it. I got the house valued by 2 estate agents. They valued it at 300-310K however the mortgage (not including arrears) is 365K outstanding.
If the mortgage people do repossess it they will lose at least 65K by the time sale costs are taken.
Can anyone help with any ideas - I would much prefer not to move (very settled and the cost of moving too).
Would the mortgage people let me pay the monthly payment direct (its not a buy to let mortgage) (Rent 950 mortgage 1046 - I can increase my rent to 1046 if needed but dont want to pay the arrears off for the landlord)
any help greatly appreciated
many thanks
0
Comments
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The only way to do it would be to raise a mortgage and buy it. There are no shortcuts. It's hit and miss whether they'd let you buy it at this late stage; you might have to be served an eviction notice, move out, then take your chances at a public auction.
You certainly wouldn't be allowed to pay the landlord's mortgage direct.0 -
Welcome!
Agree you would have to raise a 10% deposit and purchase the house with a mortgage.
Have you written back to the solicitors and are you intending to attend the court hearing? If the landlord does not have a buy to let mortgage or consent to lease you can be evicted at short notice unless you plead your case.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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