Mortgage Rescue Application

Amanda1880 · 20 May 2013 at 9:11PM

Hi

I am currently embarking on an application for MRS, myself and husband separated over a year ago and in the property with 2 children.

We currently have a morg and a secured loan and also in an iva arrangement jointly, for the last 12 mths we have been dividing the outgoings together altho not living together but finding he isnt really paying his share and in turn got us in quite alot of arrears.

I applied to my first charge regarding the scheme who accepted with no problem, the 2nd charge however, are makingi it extremely difficult for us and refused to remove the charge making impossible for the rescue to go ahead.

There is going to be a significant shortfall totalling 75k, 50k of which is going to come from the 2nd charge although i do understand this is a massive amount to lose for them. They are standing in the way and potentially putting me and my family on the streets. Whichever way i turn with it tehy stand to lose everything as the loan was given when they were loaning 120% ltv so potentially the funds was never going to be there. So whatever action i decide to take including getting the house repossessed, selling it on market or going down MRS they will still stand to receive nothing however, my IVA have agreed any shortfalls can be written into the current iva arrangements so in fact they would receive something albeit it small.

On handing in all our paperwork for 2nd charge to make a decision on removing the charge it was found that they had rejected the application based on 3 factors. jointly myself and ex partner could afford the liabilitys even tho both our I&E's were minus at end of month and they had said the valuation was too low even tho they were saying repossesion we would get market value which everyone knows that isnt right.

When i received the paperwork back to see how the figures had come out that we could jointly afford everything that had clearly manipulated our figures without consultation, the valuation was miles to high and proved by first charge.

Of course i have appealed this decision and i have also sent a letter to the coe of the company as i find this to be false accouting and made a decision based on untrue facts, they are also potentially putting my family on the streets with absolutely no benefit for themselves.

Sorry this is long winded just wanted to see what anyone else thought as im getting quite anxious now as to what will happen next as both my morg and secured loan is heavily in arrears.

Any advice or opinion would be great.