reposession threat help

BONMURPHY

Hi,

Looking for some advice on how to deal with this situation I find myself in.

Had a mortgage for a number of years with no problems. It is with NRAM. Seperated from Ex a year ago - who has not contributed to the joint mortgage since. There is 265k outstanding with payments of 1k per months.

I initially could not pay anything for 3 months, then was assessed for mortgage help via income support which was approved for £600 per month and this has been in place for a about 6 months but there is 3k outstanding on the mortgage in total. I couldn't do anything further until the financial matters (in terms of the divorce etc) went to court for approval which it did a week ago. The house is on the market to be sold as the payments are unmanageable for me alone and I've place it on at 10k less than the agent recommended in the hope it will shift quickly. I have around 90k equity as it stands at the moment and assuming its not repossessed.

I have kept NRAM up to date every step of the way in writing - they have ignored every single letter so a few weeks ago I wrote a complaint saying that if they didn't actually communicate with me and respond to my letters then I couldn't resolve the problem and come to a temporary arrangement until the house is sold. They have acknowledged the complaint but not actually replied and I still don't have a contact or an arrangement in place despite my best efforts.

Obviously I want to avoid repossession and get the house sold asap. Furthermore I have small children including one who is disabled so repossession is a massive worry for me, I need to get it sold and retain as much equity as possible so I can rehouse myself and the children.

Please could you advise how I can get NRAM to communicate and agree a temporary arrangement and avoid repossession until the house is sold?
Thanks for any help.

ILW

When do expect the property to be sold?

BONMURPHY

Thank you for replying.

I honestly don't know, it's only been on the market for less than 2 weeks with little interest so far but the agent says it's def not over priced and only been slow to date because of the Easter break.

I would reduce if it would help but agent says it's too early for that and he's is confident that the price is fine.

Thrugelmir

BONMURPHY wrote: »

Please could you advise how I can get NRAM to communicate and agree a temporary arrangement and avoid repossession until the house is sold?

If you cannot meet the monthly commmittment then there's nothing NRAM can offer you. As the arrears will simply continue to grow. The ball is therefore in your court to sell the property as quickly as possible. Reduce the price to encourage a quick sale. Before NRAM take the action to force a sale. This will merely incur you further additional costs to pay.

Apologies is this is harsh, but the problem is yours to resolve.

BONMURPHY

I'm obviously aware that the problem is mine to resolve and that is what I am attempting to do and looking for a little help as to what the process is and what I can do to resolve it etc.

I can pay more on top of what is being paid now but I can't make the full repayment on my own.

It was my understanding that the government was trying to assist people avoid repossession and was encouraging lenders to help rather than hinder a resolution.

Ideally i'd like to agree a short-term payment plan until the property is sold. I cannot see any benefit to nram repossessing when the debt is relatively small and the property is already on the market. Along with my personal situation.

Radiantsoul

I think you need to contact the CAB to help you, or a solicitor. It may be in your interest to allow a repossession, if you sell voluntarily you may end up being classed as voluntarily homeless - although you may get help with a disabled child.

Have the mortgage company instructed solicitors? Have you heard from their solicitors regarding your offer? If they haven't then you probably have several months before anything has. If they have you should be dealing with the solictor directly.

Depth_Charge

BONMURPHY wrote: »

Hi,

Looking for some advice on how to deal with this situation I find myself in.

Had a mortgage for a number of years with no problems. It is with NRAM. Seperated from Ex a year ago - who has not contributed to the joint mortgage since. There is 265k outstanding with payments of 1k per months.

I initially could not pay anything for 3 months, then was assessed for mortgage help via income support which was approved for £600 per month and this has been in place for a about 6 months but there is 3k outstanding on the mortgage in total. I couldn't do anything further until the financial matters (in terms of the divorce etc) went to court for approval which it did a week ago. The house is on the market to be sold as the payments are unmanageable for me alone and I've place it on at 10k less than the agent recommended in the hope it will shift quickly. I have around 90k equity as it stands at the moment and assuming its not repossessed.

I have kept NRAM up to date every step of the way in writing - they have ignored every single letter so a few weeks ago I wrote a complaint saying that if they didn't actually communicate with me and respond to my letters then I couldn't resolve the problem and come to a temporary arrangement until the house is sold. They have acknowledged the complaint but not actually replied and I still don't have a contact or an arrangement in place despite my best efforts.

Obviously I want to avoid repossession and get the house sold asap. Furthermore I have small children including one who is disabled so repossession is a massive worry for me, I need to get it sold and retain as much equity as possible so I can rehouse myself and the children.

Please could you advise how I can get NRAM to communicate and agree a temporary arrangement and avoid repossession until the house is sold?
Thanks for any help.

Hi

Lenders are supposed to help and show 'forbearance' I believe is the term /word.

The equity could be a plus depending on your full circumstances and if it goes to court a District Judge will have the last say not NRAM or their reps, nothing guaranteed mind.

Plenty of useful information here in one place from the CAB that might help -

http://mymoney.nedcab.org.uk/moneyadvice/mortgagearrears.asp

If you cant get anywhere with the CAB maybe try contacting Shelter as they operate a telephone service.

http://www.shelter.org.uk/

You dont seem to have told us what steps NRAM have taken as to a possession hearing etc but you must keep an eye on this and any hearing dates and time lmits etc.

Where the home is at risk always best to get immediate advice to be sure.

Best Wishes

Thrugelmir

BONMURPHY wrote: »

It was my understanding that the government was trying to assist people avoid repossession and was encouraging lenders to help rather than hinder a resolution.

Ideally i'd like to agree a short-term payment plan until the property is sold. I cannot see any benefit to nram repossessing when the debt is relatively small and the property is already on the market. Along with my personal situation.

Your ex partner has a liability for the mortgage as well. As is a joint debt. Simply cannot walk away from responsibility for the debt.

Lenders cannot micro manage every account in financial difficulties. That's also the reality of the situation.

mrginge

Spam reported

ShALLaX

You know, you do don't have to post every time you report spam. Doing so makes your own posts spam. Just report it and move on.

mrginge

On the contrary, it draws attention to the spam and encourages others to also report it, thereby getting it removed quicker.