Owe £3000 on mortgage,Threat of Reposession

mallie01

My mother 67 has had a mortgage with Bradford/Bingly for years, but recent she has been paying £60 a week to pay off the last of mortgage,
Due to alot of confusion with telephone calls sayin she ok with payments then saying shes not,then they said pay £1500 in 4 weeks or her house will be reposessed because the mortgage is due to end soon..

She couldn't get the money so begged n pleaded with them for an extension or something..
they rang back today which was the day they said the house to be reposessed and did a over the phone money in/out calculation and said she can continue to pay£60 a week then rang back few hours later sayin no £65 a week now for 13 months
But if she misses a payment they said even a day late the house is reposessed..

the amount of stress she's had is terrible

my mother has a pension and my sister who lives with here works 2 temp jobs summertime job and a winter job which are both temporary otherwise out of work the rest of the months

They were thinking of tryin to get a Loan or something to pay it off so they don't have 13 months of stress and the threat of being homeless every day but on first try for a loan they have been refused..

is there anyway of getting a loan credit card payment or any other means that would help that could be stretched over 24 months instead of the 13 months and the threat of being homeless

many thanks

Thrugelmir

Suggest you sit down with them and prepare a budget. Review all outgoings and see where savings can be made.

Then if possible speed up repayment of the debt.

Goldiegirl

It sounds as if this is a mortgage that has been going for many years.

I was just wondering what the valuation of the property is, and the total amount outstanding on the mortgage is?

If the loan to valuation figure is very low, i'd be very suprised if they would start possession proceedings, as there would be very little risk of them losing their money if the total debt on the mortgage is a lot less than the value of the property.

There's also the matter of adverse publicity ...... Kicking an elderly person out of her house doesn't look good.

I think repossession is probably not going to happen in the short to medium term.

Perhaps she could get her budget prepared and she could make an appointment to speak to someone face to face. You could then go with her to help.

Repossession is always the last resort, it's not something they'd do unless they absolutely have to

Thrugelmir

Goldiegirl wrote: »

There's also the matter of adverse publicity ...... Kicking an elderly person out of her house doesn't look good.

Unfortunately there's going to be many in similar circumstances. In this one the amount is relatively small to pay off. So others may well struggle to keep their homes. As its the borrowers responsibility to repay the debt. Had enough years to plan for it.

lawriejones1

This may sound a little harsh but, if it was my mum and dad I'd use my own cash to pay fo everything they needed. Is this an option?

ValHaller

Goldiegirl wrote: »

Repossession is always the last resort, it's not something they'd do unless they absolutely have to

You would like to think so, but these days the people who make decisions are probably morons run by machines.

mallie01

quote Goldiegirl It sounds as if this is a mortgage that has been going for many years.

I was just wondering what the valuation of the property is, and the total amount outstanding on the mortgage is?

yes the mortgage has been going for about maybe 40 years with re-mortgage's for home improvements and stuff

the property is worth about £190,000 because of all the land and she only owes £3089, but the constant confusion on payments recently past 3 years from Bradford Bingly saying she's in front on payments then saying she owes loads,,ive been here listening on phone when they say this its been a different conversation depending who you call and get through to,,she ended up getting help from her other bank Santander on what to ask and say and who to speak to.. Bradford and Bingley customer relations of recent have been terrible.. and she just wants to get out of there clutches

and i couldn't help out much with money as i am currently out of work myself..

Thrugelmir

mallie01 wrote: »

the property is worth about £190,000 because of all the land and she only owes £3089, but the constant confusion on payments recently past 3 years from Bradford Bingly saying she's in front on payments then saying she owes loads,,ive been here listening on phone when they say this its been a different conversation depending who you call and get through to,,she ended up getting help from her other bank Santander on what to ask and say and who to speak to.. Bradford and Bingley customer relations of recent have been terrible.. and she just wants to get out of there clutches

Normally payment is made by direct debit or standing order so shouldn't be an issue. Mortgages aren't paid weekly either. So confusion most likely reigns all round!

opinions4u

How big are the arrears?

How much is outstanding, in total, on the whole mortgage?

These are two distinctly different questions.

What is the contractual monthly payment?

How many years are left on the term?

Get the facts. Facts are a really good starting place.

maninthestreet

How far has the lender gone down the path of repossession? Have they just threatened to start the repossession process, or has their actually been a court hearing? It's not clear if £3089 is the actual entire mortgage balance, or just the arrears.

cabbage

HI

There is process to go down for repossession and it doesn't happen overnight. I suspect they are saying it could be repossessed to get her to agree to a payment plan.
A budget is a good idea.

There are also mortgage rescue schemes operated by the Local Authority (Council) if it comes to the point of repossession.

Its best to perhaps go to CAB or similar and ask them to write to B&B asking for a breakdown of arrears. Is your mother getting Pension Credit? If so with the guarantee credit element she could get help towards the mortgage interest. Again CAB or similar can help with that.

I wouldn't encourage borrowing to get out of debt.