Negative Equity, Reposession, renting and Bankruptcy

seven-day-weekend

Although I don't agree with the heartless way the comment about the dog was put, maybe it would be better to try to find it a new loving home so that the family have more choice about housing.

I am honestly sympathetic and am trying to be constructive.

Also, forgive me if I've misunderstood, but is there any way you can sell the house yourselves rather than let it be re-possessed? I'm sure you'll end up with more money, even if you are still in negative equity.

I hope you get things sorted.

Richard_S

sdw,

I'll save you the job of reading the thread properly. The house is subject to a Suspended Repossesion Order and NME's O.H has just lost his job. No mortgage payment = eviction oder; time scale 4 weeks (ish)

NoMoreExcuses

OK.

Have had a really big cry and have pulled myself together.

Guy has a point about our dog. But he clearly hasnt read the whole thread. Our mortgage includes arrears and is very very suitable, but WE CANT AFFORD IT! Which is why we need to slice a huge chunk off and rent.

There are a lot of factors in renting. For example smokers (we are not), kids, dogs, furnished, unfurnished, etc etc. A 3 bedroom propert means that yes, we will be sharing as there are 4 kids and 2 adults, my maths isnt quite that bad yet.

But - this property is unfurnished (tick) close to both schools (tick) close to bus routes for dh to get a train to work (tick) will accept Dave (the dog - also tick) and is between 3 and 5 hundred pounds cheaper than similar properties in the area (tick tick tick).

Richard_S

Go for it NME,

You've got to put a suitable roof over your heads; let us know how you get on.

Richard

NoMoreExcuses

I have to admit that i am also loathe to tell the kids that we are laving our house imminently and oh! By the way, the dog is being packed off to the dogs home.

As I said before though, its not really the dog that is the main factor, just an incidental.

Just for everyones reference though, the next possibility after this property is a top floor (of 5) flat with 3 bedrooms, no pets for £1390 pcm. Which is nowhere near either school or public transport. What would you do?

Bestthingsinlifearefree

Hi NME,

Have you posted an SOA (statement of affairs) ?

http://forums.moneysavingexpert.com/showthread.html?t=107280

That always a good starting point in identifying the way forward.

Stay as positive as you can.

Best,

seven-day-weekend

Richard_S wrote: »

sdw,

I'll save you the job of reading the thread properly. The house is subject to a Suspended Repossesion Order and NME's O.H has just lost his job. No mortgage payment = eviction oder; time scale 4 weeks (ish)

Richard, I did read it properly, I don't know what a Suspended Repossesion Order is and was trying to be helpful as I genuinely do feel for the OP's situatiuon. I did say I may have misunderstood. There is no need to be nasty if someone is genuinely trying to help.

Richard_S

seven-day-weekend wrote: »

Richard, I did read it properly, I don't know what a Suspended Repossesion Order is and was trying to be helpful as I genuinely do feel for the OP's situatiuon. I did say I may have misunderstood. There is no need to be nasty if someone is genuinely trying to help.

Apologies sdw,

It means that you've agreed in Court to maintain whatever conditions were applied to the original Repossesion Order, on that basis the Order is Suspended; if you breach them the lender gets to apply for an Eviction Order. Not a pretty prospect when you've got young children to consider.

Regards

Richard

P.S What's it like in Southern Spain? We were in S.W Spain last week and the weather was perfect

NoMoreExcuses

Just quickly.

Am waiting for the call from cccs.

Please dont all argue over my stupid posts, really, im not worth it.

I also wanted to point out, that my op said 3 kids and a dog. I shamefully forgot to mention my beautiful stepdaughter that spends every weekend and holidays with us.

Here we go...phone...

seven-day-weekend

Richard_S wrote: »

Apologies sdw,

It means that you've agreed in Court to maintain whatever conditions were applied to the original Repossesion Order, on that basis the Order is Suspended; if you breach them the lender gets to apply for an Eviction Order. Not a pretty prospect when you've got young children to consider.

Regards

Richard

P.S What's it like in Southern Spain? We were in S.W Spain last week and the weather was perfect

Apology accepted Richard. Thanks for explaining.

Up here in the mountains the weatehr is very changeable - this morning it pis$$ed it down for three hours and our village was covered in clouds, couldn't see a hand in front of you; but within half an hour the rain stopped, the cloud cleared, the sun came out and everything dried up and now my husband is on the roof terrace sunbathing!

Sorry to go off topic, OP and I hope you manage to sort things out soon.